Test Alert

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

About Empower

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.

Media Contact:

Stephen Gawlik – 303-737-0899 (office), 617-417-4408 (cell)

Learn More

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.