Empower achieves $ 100 billion in sales of organic pension plans | New

GREENWOOD VILLAGE, Colorado – (BUSINESS WIRE) – October 20, 2021–

Empower Retirement, the nation’s second-largest pension plan provider 1, added approximately $ 100 billion 2 in assets under administration (AUA) and 3,000 plans to its platform during the 12-month period se ending September 30, 2021.

Request for proposals activity over the past year has been higher than any previous year for all plan types, including the 401 (k), 457 (b) and 403 (b) defined contribution plans. all sizes covering businesses, governments and nonprofits. for-profit employers. AUA’s $ 100 billion represents funded organic sales. Empower meets the retirement needs of some 12.6 million Americans.

The assets of Empower’s new clients have helped grow its defined contribution pension plan platform to more than $ 1.1 trillion in assets under administration. In total, the 3,000 new pension plans have more than 925,000 members.

“As we emerge from the pandemic, we hear from many employers who want to improve the overall financial benefits they provide to their employees,” said Empower President and CEO Edmund F. Murphy III. “The role of workplace pension plans continues to grow and financial well-being and professional advice is increasingly important to many employers who sponsor pension plans.

“What has never changed is the importance of customer service and we are grateful to have the chance to help a wide and growing range of employers and their workers.”

New customers to serve

Empower has been successful in the 401 (k) business segment where its offering to large and large plan sponsors – combined with superior service levels – has helped retain 99% of existing pension plan clients. In 2021, Empower added 10 clients sponsoring pension plans with over $ 500 million in AUA.

Examples of recent new 401 (k) customers include Wisconsin Oshkosh Corporation, a manufacturer of vehicles and heavy equipment; Financial Advisor Clifton Larson Allen located in Minneapolis and supplier of buildings Builders First Source Dallas and Nonprofit Health Care Network Essentia Health of Duluth, Minn. are now working with Empower to provide retirement benefits to their teams.

In addition, manufacturer of medical, life science and industrial equipment Olympe Society, with US headquarters in Center Valley, Penn. and utility of energy Cleco Corporate Holdings of Louisiana recently renewed with Empower.

Empower’s public procurement segment, which is the primary provider of 457 (b) and other types of workplace savings plans for public sector employers, serves public workers in some 4,600 plans. , including 24 public pension plans. In total, Empower’s government markets segment administers a total of $ 130 billion in assets. Later this year, the Colorado Public Employees Retirement Association (PERA), which is made up of three defined contribution plans that hold more than $ 5 billion in assets for some 95,000 Colorado public employees, will migrate to reinforce.

The businesses sold by Empower advisers, which encompass plans of up to $ 50 million in AUA, have added some 2,600 plans since September 30, 2020. In one recent poll by Financial Advisor IQ Empower’s small market segment was recognized as superlative in five key categories: “Best Value”, “Best Customer Service”, “Best Price”, “Best Tools for Participants” and, for the second year in a row, “Best Record Keeper.”

“We provide an exceptional and innovative experience for plan sponsors and their employees, and we are grateful that so many advisors recognize the value we bring to the market,” said Rich Linton, president of Workplace Solutions for Empower. “Our highly skilled team comes forward every day to deliver a differentiated service experience and deep industry expertise. “

Empower says its organic growth is driven by several factors, including the increasing scale and scope of its business to support a much broader set of pension plans. The company is constantly improving its offering to meet the financial needs of millions of pension plan members and individual investors through the active search for innovative technologies, improved customer service and new talent.

Empower matches its DC offering with the one that best suits the needs of each customer through single sign-on and an integrated participant experience whereby multiple vendors offer benefits such as employee stock purchase plans or defined benefit offers. In addition, Empower offers in-person managed accounts, health savings accounts (HSAs), and a student debt solution.

Focus on financial well-being

Empower recently launched a personalized digital financial wellness experience that can help employees achieve the goals that are most important to them. The new digital experience builds on the company’s historic success in driving participants’ behavior through the presentation of personalized decision tools.

The new offering can incorporate elements of any individual’s financial situation to help them better understand their current financial situation and future needs, thereby boosting their financial confidence. Items such as estimated retirement income, net worth, savings, expenses, and debt are presented in a simple interface helping individuals and financial advisors better understand progress toward many different financial goals, such as preparing for a secure retirement, paying down debt or building emergency savings. .

The new digital experience brings together, for the first time, the combined experience and technology of Empower and Personal capital, a registered investment advisor acquired by Empower in 2020.

About empowering retirement

Empower Retirement, headquartered in the Denver metro area, is the second-largest pension registrar in the country by total membership. 1 Empower serves all segments of the employer sponsored pension plan market: 457 government plans; small, medium and large business customers 401 (k); 403 (b) non-profit entities; private label record keeping clients; and IRA clients. Personal Capital, a subsidiary of Empower Retirement, is a leading hybrid wealth manager. For more information, please visit autonomiser-retraite.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.

Caution Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements. These statements include, but are not limited to, statements about the expected benefits of continuously improving Empower’s offerings and customer service. Forward-looking statements are not historical facts but represent only Empower’s belief regarding future events, many of which, by their nature, are inherently uncertain and beyond Empower’s control. It is possible that actual results will differ, perhaps materially, from the anticipated results shown in these statements. Factors that could cause actual results to differ, possibly materially, from those shown in forward-looking statements are discussed in periodic filings of Empower’s parent company, Great-West Lifeco Inc., with Canadian authorities. in securities. These filings include Great-West Lifeco’s (“MD&A”) MD&A for the year ended December 31, 2020 (see “Risk management and control practices”) and the Annual Information Form dated February 10, 2021 (see ” Risk factors “). , which, as well as other documents filed by Great-West Lifeco, can be viewed at www.sedar.com [sedar.com]. The reader is also urged to carefully consider these and other factors, uncertainties and potential events and not to place undue reliance on forward-looking information. Unless specifically required by applicable law, Empower does not intend to update forward-looking information, whether as a result of new information, future events or otherwise.

1 Ranking of the survey of curators of defined contribution pension and investment plans in April 2021.

2 Assets under administration or AUA mentioned in this press release are a non-IFRS measure; refer to the discussion of this measure in the Annual management report 2020 from Empower’s parent company, Great-West Lifeco Inc.

Learn more:

To learn more about how we’re empowering plan sponsors and their members to be more involved in their retirement plans than ever before, call us at 800-719-9914.

Securities, when presented, are offered and / or distributed by GWFS Equities, Inc., a member of FINRA / SIPC. GWFS is a subsidiary of Empower Retirement, LLC; Great-West Life Fund, Inc .; and registered investment advisor, Advised Assets Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. RO1869529-1021

View source version on businesswire.com:https://www.businesswire.com/news/home/20211020005092/en/

CONTACT: Empower retirement:

Stephen Gawlik, Stephen.Gawlik@empower-retirement.com, 617-417-4408

Monica Mendoza, Monica.Mendoza@empower-retirement.com, 719-373-2460

KEYWORD: UNITED STATES NORTH AMERICA COLORADO

INDUSTRY KEYWORD: BANKING CONSULTING PROFESSIONAL SERVICES FINANCE

SOURCE: Empowering retirement

Copyright Business Wire 2021.

PUB: 10/20/2021 07:58 / DISC: 10/20/2021 07:58

http://www.businesswire.com/news/home/20211020005092/en



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *