Empower Retirement on track for a million new retirement plan participants in 2015

New mandates extend across all segments as provider rapidly builds momentum

GREENWOOD VILLAGE, Colo., August 19, 2015 — Empower Retirement, the nation’s second-largest retirement services provider, today announced defined contribution retirement plan sales and commitments of $50 billion year-to-date and is on track to add a million new participants by the end of 2015.

Sales results for the first eight months of the year include 401(k), 457(b) and 403(b) defined contribution plans of all sizes, ranging from large corporations and governmental plans to mid- and small-sized firms, churches and not-for-profit organizations. The million new participants are in new plans sold in 2015. Empower now serves over 30,000 employers covering more than 7.5 million participants.

"We offer an outstanding and innovative experience for plan sponsors and their employees, and we’re grateful that so many plan sponsors recognize the value we bring to the market," said Edmund F. Murphy III, president of Empower. “We’ve got a highly skilled and experienced team that shows up every day and delivers the highest level of service and expertise.”

In the first half of 2015, Empower has won commitments from several clients sponsoring plans with assets under administration above $1 billion including: International Paper, Bechtel, Southwest Airlines, Illinois Tool Works, Viacom, CSX, American Electric Power, Hallmark Cards and DTE Energy. In addition, Empower has received several large public plan mandates that include plans for the states of Washington, Kansas, Idaho and Minnesota, and the cities of Austin, Texas, and Tallahassee, Florida.

“Empower has significant expertise in managing public plans, and we’re honored to work with these employees who make special sacrifices to serve the common good,” said Murphy, who noted earlier this year Empower's leadership position as the largest provider of recordkeeping services to the public market serving more than 2 million participants.

In advisor-sold plans, those with assets under $50 million, Empower won business from over 3,000 plans covering more than 145,000 participants.

“Our advisor partners are some of the most strident advocates for the Empower story,” continued Murphy. “Advisors are indispensable to plan sponsors because they bring the guidance and expertise that small plans need. We are thankful for the ongoing collaboration.”

Murphy explained that client feedback suggests Empower’s participant experience and technology offerings drive interest from prospective clients.

“Plan sponsors want to do as much as they can to be sure their employees are on the path to a secure retirement,” said Murphy. “Our offer centers on helping participants understand tomorrow’s retirement income needs so we can work with them to make the right decisions today. We are leveraging the very latest thinking and cutting-edge technology to help participants understand their needs.”

Empower announced in July that it would soon begin distributing its next-generation Web experience to all 7.5 million Empower participants. The Web experience includes state-of-the-art features that display a participant’s projected monthly retirement income, provide an estimate of future healthcare costs and offer a comparison of a participant’s retirement preparedness versus those in his or her demographic and income bracket.

In addition, Empower is growing its customer service, call center and communications teams throughout the U.S. The firm recently announced the relocation of its Milwaukee operation and is increasing teams in its Denver; Overland Park, Kansas; and Andover, Massachusetts, locations.