Our History
Since its inception, Empower Retirement has been guided by a vision to revolutionize workplace retirement savings.
We believe people deserve better than a one-size-fits-all solution
That’s why we take a collaborative approach to retirement savings that’s driven by personalization, simplification and exceptional service. And we’re committed to constantly improving this approach — by holding ourselves accountable and leading the way through innovation — so we can deliver the results our clients deserve.
The genesis of Empower dates back to 1891, when our parent company was founded as an insurance provider on the Canadian prairie. After 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 Financial and Putnam Investments came together to form an integrated workplace retirement savings company.
Empower Retirement is now the second-largest retirement plan provider1 in the United States, with more than 9.6 million participants2, yet our founding mission remains unchanged. We believe helping people pursue a better future means giving them the tools and resources to take control of their finances. That’s why we’re called Empower.
110+ years serving customers
2020
Empower waives fees on new loans and hardship withdrawals during pandemic.
Empower launches national ad campaign to elevate importance of retirement savings.
Empower Retirement acquires Personal Capital.
Empower recognized among ‘Best Places to Work for Disability Inclusion’ by the Disability Equality Index.
Empower named 2020 Retirement Leader of the Year in the annual Mutual Fund Industry Awards organized by Pageant Media.
2019
Empower named ‘Best Company to Work for in Colorado’ by career website Zippia.
Empower expands its roster of PGA Tour pros, announcing a partnership with three-time PGA Tour champ Brendan Steele.
Edmund F. Murphy III named president and CEO of GWL&A, the US subsidiary of Great-West Lifeco Inc. and the parent of Empower.
Empower closes sale of individual life insurance and annuity business to Protective Life Insurance Company, the primary subsidiary of Protective Life Corporation.
Empower Retirement enters into a 21-year deal for naming rights to the Broncos’ stadium, known as Empower Field at Mile High
2018
Empower partners with PGA Tour professional and US Open Champion Webb Simpson.
Empower named one of the Top 100 Innovators in Diversity & Inclusion by Mogul.
Empower introduces PlanVisualizer™ to give plan sponsors and advisors unprecedented plan insight.
2017
Empower and Optum launch an innovative, integrated HSA solution for retirement plan participants.
Empower introduces Empower Dynamic Retirement Manager™.
2016
Empower named retirement leader of the year at the 23rd Annual Mutual Fund Industry Awards 2016.
Empower realigns institutional recordkeeping business FASCore, LLC as Empower Institutional.
2015
Empower tees off a partnership with professional golfer Robert Streb.
Empower launches enhanced web experience for 7.5 million participants.
Empower inks partnerships with the Denver Broncos, the New England Patriots and the Kansas City Chiefs.
Empower’s parent company launches the Empower Institute to provide thought leadership on issues and challenges related to retirement savings, guaranteed income and investing solutions.
2014
Bringing together three organizations, Edmund F. Murphy III named to head Empower Retirement. Empower business becomes the nation’s second-largest retirement services provider with more than 7 million plan participants.
Empower acquires J.P. Morgan Retirement Plan Services’ large-market recordkeeping firm.
Robert L. Reynolds named CEO of GWL&A, leading both Great-West Financial® and Empower.
2011
The company introduces a financial literacy grant initiative to help promote financial education among students in Colorado schools.
2007
Franklin Templeton Investments transitions its 401(k) recordkeeping business to Empower.
2006
Empower acquires a block of 401(k) and defined benefit plan businesses from Metropolitan Life Insurance Company and its affiliates as well as General American Life Insurance Company and New England Life Insurance Company. It also acquires U.S. Bank’s bundled, full-service defined contribution business.
2003
Empower acquires 401(k) administration subsidiary EMJAY Corp. and the group retirement business of Federated Insurance Companies.
1993
GWL&A establishes Financial Administrative Services Corporation (renamed FASCore, LLC), as a wholly owned subsidiary to provide recordkeeping and administrative services for retirement plans offered by other financial institutions.
1992
The Great-West Life Assurance Company (Great-West Life) completes the transfer of its U.S. operations to U.S. subsidiary GWL&A. GWL&A’s retirement business, now known as Empower, introduces a proprietary retirement plan recordkeeping platform.
1985
The company begins offering services to 401(k) defined contribution plans for private employers.
1983
Outgrowing its downtown Denver location, the company moves its U.S. headquarters to its current campus in Greenwood Village, Colorado.
1979
The formal process of splitting U.S. and Canadian operations begins. The company builds a new office complex in downtown Denver to house its U.S. headquarters.
1978
Empower begins offering services to Section 457 deferred compensation plans for public sector employees in the U.S.
1962
The company begins offering services to Section 403(b) retirement savings plans for nonprofit organizations. U.S. customers account for half of Great-West Life’s annual sales.
1940
Empower begins offering services to tax-advantaged retirement savings plans for U.S. employers under Internal Revenue Code Section 401(a).
1907
The company, now known as GWL&A, is incorporated in Kansas as The National Interment Association.
1906
Great-West Life opens its first U.S. sales office in Fargo, North Dakota. 1891 The Great-West Life Assurance Company (Great-West Life) is incorporated in Winnipeg, Manitoba.
1 Information 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. Ranking based on total participant accounts as of September 30, 2018. Source: Pensions & Investments, April 2019.
2 As of March 31, 2020. Information refers to all retirement businesses 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.