Empower is a retirement plan recordkeeping financial holding company based in

Greenwood Village, Colorado The City of Greenwood Village is a home rule municipality located in Arapahoe County, Colorado, United States. The city population was 15,691 at the 2020 United States Census. Greenwood Village is a part of the Denver–Aurora–Lakewood, CO Met ...

, United States. It is the second-largest retirement plan provider in the United States.

History

Empower was created in 1891, when parent company

Great-West Lifeco Great-West Lifeco Inc. is a Canadian insurance-centered financial holding company that operates in North America (Canada and United States), Europe and Asia through five wholly owned, regionally focused subsidiaries. Many of the companies it has ...

was founded as an insurance provider on the Canadian prairie. After serving more than a century of expansion and a profound evolution of service offerings, the modern iteration of Empower was launched in 2014, when the retirement businesses of Great-West Life combined the record-keeping services of Great-West Financial,

JPMorgan Chase JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the ...

, and

Putnam Investments Putnam Investments is a privately owned investment management firm founded in 1937 by George Putnam, who established one of the first balanced mutual funds, The George Putnam Fund of Boston. As one of the oldest mutual fund complexes in the Unite ...

. Part of Great-West Life & Annuity Insurance Company, Empower is an indirect wholly owned subsidiary of

. Empower is led by President and CEO Edmund F. Murphy III. In 2019, Empower Retirement signed a 21-season contract to the naming rights of the

Denver Broncos The Denver Broncos are a professional American football franchise based in Denver. The Broncos compete in the National Football League (NFL) as a member club of the league's American Football Conference (AFC) West division. The team is headquart ...

stadium, named

Empower Field at Mile High Empower Field at Mile High (previously known as Broncos Stadium at Mile High, Invesco Field at Mile High and Sports Authority Field at Mile High, and commonly known as Mile High, New Mile High or Mile High Stadium) is an American football stadium ...

. In June 2020, the company announced its acquisition of Personal Capital, an investment and wealth management adviser, for $825 million. As of June 2020, Empower has administered more than $1.0 trillion in assets for 12.0 million individuals over 67,000 Organization retirement plan participants. In September 2020, the company also acquired the retirement plan business of

MassMutual The Massachusetts Mutual Life Insurance Company, also known as MassMutual, is a Springfield, Massachusetts-based life insurance company. MassMutual provides financial products such as life insurance, disability income insurance, long term ...

for $4.4 billion. Empower acquired the heritage SunTrust 401(k) recordkeeping business, which includes approximately 300 retirement plans consisting of more than 73,000 plan participants and $5 billion in plan assets. On September 29, 2020, Empower announced that it would acquire the retirement plan recordkeeping business of

Fifth Third Bank Fifth Third Bank (5/3 Bank), the principal subsidiary of Fifth Third Bancorp is an American bank holding company headquartered in Cincinnati, Ohio. Fifth Third is one of the largest consumer banks in the Midwestern United States, Fifth Third B ...

. February 1, 2022, "Empower" replaced "Empower Retirement" as the company's public-facing brand name. April 4, 2022 Empower acquired Prudential’s full service retirement.

Companies

* Personal Capital

References

External links

* {{Power Corp Financial services companies of the United States Companies based in Greenwood Village, Colorado American subsidiaries of foreign companies Financial services companies established in 1891 Retirement plans in the United States 1891 establishments in Colorado 1891 establishments in the United States Companies established in 1891 Financial services American companies established in 1891