Empower Retirement surpasses two million government sector retirement plan participants
Firm continues to gain market-leading traction providing retirement plans to state, county and local governments
GREENWOOD VILLAGE, Colo., May 6, 2015 — Empower Retirement, the nation’s second-largest retirement services provider, today announced that its leadership position in the defined contribution government retirement plan sector now extends to over two million public employees across the U.S.
Empower serves some 9,200 government entities at the state, county or local level, totaling more than $90 billion in assets under administration. Empower provides retirement services for 22 states and six of the top 10 largest government defined contribution plans in the U.S. Empower1 is the nation’s leading provider of 457(b) plans by assets2 and participants served3.
“This milestone is a validation of our long-standing commitment to delivering great value and superior service to governmental plan sponsors and their employees,” said Edmund F. Murphy III, President of Empower. “Positive growth like this, driven by our commitment to continually enhance our products and services, confirms and solidifies our position as the number one recordkeeper in the government market sector.
“In 2014 almost every government client who went out to bid renewed their contract with Empower,” said Murphy. “We take great pride in this affirmation from our clients, but it also provides us with an enormous responsibility -- we have to earn their trust every single day.”
Empower recently won or renewed mandates with the states of Idaho, Kansas, Washington, Minnesota and the cities of Tallahassee, Fla., and Austin, Texas, among others. Plan types consist of those covered by 457(b), 401(k), 403(b) and 401(a) IRS chapter codes. A recent agreement with the State of Idaho pushed Empower’s government sector participant total past two million.
“The Public Employee Retirement System of Idaho consistently strives to give the best retirement benefits to our members so they can achieve the financial well being they deserve. We chose Empower Retirement for its outstanding customer service reputation, expertise, and innovation – all of which will be crucial to our success,” said PERSI Public Information Officer, Kelly Cross. “PERSI is looking forward to a quality partnership, moving forward with Empower Retirement.
In discussing Empower’s commitment to this key market segment, Brent Neese, Vice President of Government Markets for Empower, said, “Our firm has been working with governmental plan sponsors for over 35 years to help provide retirement services to this critically important segment of the American workforce. These employees include first responders, healthcare workers and civic agency administrators, among others, who apply their talents to strengthen our public institutions and improve our communities every day. We are proud to serve them.”
Headquartered in metro Denver, Empower Retirement administers $435 billion in assets for 7.3 million participants. It is the nation’s second-largest retirement plan recordkeeper by total participants (Pensions & Investments, March 2015). Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans, small, midsize and large corporate 401(k) clients, non-profit 403(b) entities and private-label recordkeeping clients.
Stephen Gawlik – 303-737-0899
1 Pensions & Investments, March 6, 2012.
2 PLANSPONSOR.com, June 2013.
3 LIMRA. 2013 Not-for-Profit Survey
PT# 230592 (5/15)