Baylor Scott & White Health to launch streamlined, state-of-the-art retirement program with Empower
Consolidated plans and managed accounts to help 48,000 participants plan and save for retirement
GREENWOOD VILLAGE, Colo., July 26, 2016 — Baylor Scott & White Health, one of the nation’s largest health care systems, and Empower Retirement today announced that they would launch a new, consolidated retirement program on August 1.
Baylor Scott & White Health was formed in 2013 from the merger of Baylor Health Care System and Scott & White Healthcare. The system will now have three tax-qualified plans — including two 401(k) and one 403(b) plans — and seven non-tax qualified retirement plans. Previously, the separate firms had four qualified plans and 12 non-qualified plans.
Empower will administer all 10 plans which contain $2.5 billion in assets on behalf of 48,000 participants. The nation’s second largest retirement services provider, Empower was awarded the business after a competitive RFP process.
Empower Retirement President Edmund F. Murphy III explained that by consolidating retirement plan vendors many plan sponsors, like Baylor Scott & White Health, realize many advantages from reduced administrative burdens and cost savings, but participants also typically experience a benefit.
“We’ve found that participant retirement confidence rises when their retirement plan experience improves,” said Murphy. “By taking the lead in creating a better experience, plan sponsors like Baylor Scott & White Health are taking a giant step forward to help their participants.”
In addition, all Baylor Scott & White Health participants currently in a managed account relationship through their existing retirement plan provider will continue to have a managed account relationship through Empower. All other participants will be mapped into pre-selected target-date funds, unless they choose to opt-out.
About Baylor Scott & White Health
Formed from the 2013 merger between Baylor Health Care System and Scott & White Healthcare, the system referred to as Baylor Scott & White Health is the largest not-for-profit health care system in the state of Texas. With total assets of $9 billion* and serving a population larger than the state of Georgia, Baylor Scott & White Health has the vision and resources to provide its patients continued quality care while creating a model system for a dramatically changing health care environment. The system now includes 46 hospitals, more than 900 access points, 6,000 active physicians, and 44,000 employees, plus the Scott & White Health Plan, Baylor Scott & White Research Institute and Baylor Scott & White Quality Alliance — a network of clinical providers and facilities focused on improving quality, managing the health of patient populations, and reducing the overall cost of care. For more information visit: BaylorScottandWhite.com
* based on unaudited 2015 fiscal year statements
Headquartered in metro Denver, Empower Retirement administers $435 billion in assets for more than 8.1 million participants. It is the nation’s second-largest retirement plan record keeper by total participants (Pensions & Investments, April, 2016). 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. For more information, please visit www.empower-retirement.com.
Stephen Gawlik – 303-737-0899 (office), 617-417-4408 (cell)
To learn more about how we’re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.