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"Empower is taking the next step toward addressing the complex and evolving needs of millions of workers and retirees. We are excited about the opportunity to reach new customers and serve even more Americans on their journey toward creating a secure retirement."
How inclusionary practices can empower traditionally underrepresented investors to save more for retirement.
Under the agreement, Empower will acquire 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.
Empower Retirement today announced the completion of the previously announced acquisition of MassMutual's retirement plan business.
Financial market perspective and relief programs
1 As of January 4, 2021.
2 As of January 4, 2021. Individuals and organizations refers to all retirement business of Great-West Life & Annuity Insurance Company and its subsidiaries and affiliates, including Great-West Life & Annuity Insurance Company of New York marketed under the Empower Retirement brand.
3 As of September 30, 2020. Information refers to the business of Great-West Life & Annuity Insurance Company and its subsidiaries, including Great-West Life & Annuity Insurance Company of New York and GWFS Equities, Inc. GWLA’s consolidated total assets under administration (AUA) were $709.9B. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. GWLA’s statutory assets total $54.8B and liabilities total $51.8B. GWLANY statutory assets total $1.69B and liabilities total $1.57B.
4 Estimated joint assets under administration of Empower Retirement and MassMutual.