We're excited that you're with Empower
Effective January 4, 2021, Empower officially acquired the retirement business of MassMutual. We are pleased to share the benefits of our newly combined organization and what it will mean for you.
What this means for you
MassMutual plans will transition to Empower’s platform in waves over an 18-month period beginning in mid-2021.The timing of each plan’s migration is designed to make it as easy and efficient as possible, and to ensure optimum service during the transition and beyond. We have a team of Empower associates dedicated to executing transitions, so each plan’s service team can focus on business as usual.
For your plan
- Continuity of service, coordinated with your plan’s advisor
- Additional services and programs to simplify plan administration
- Refreshed reporting and plan management tools
- A single, modern recordkeeping system
- Data protection through the Empower Security Guarantee*
- Thought leadership and legislative/regulatory insights
* For more information regarding account security and the Security Guarantee’s conditions, visit empowermyretirement.com and click on Security Guarantee at the bottom of the page.
For your participants
- Refreshed participant website and mobile apps
- Award-winning customer service
- Holistic financial wellness programs
- Access to fiduciary advice at no additional cost
- Award-winning, personalized communication programs
- Fully transactional Spanish capabilities on the web
Learn more about Empower's Plan Service Center
Enhanced experience for your plan participants
What you need to know about migrating to Empower
We will begin notifying advisors and TPAs of their clients’ migration waves beginning in February. Notifications to plan sponsors will follow, and participant outreach campaigns are scheduled throughout the first quarter. In the meantime we’re eager to show you how we can enhance plan administration and help plan participants pursue a better financial future.
Prepare for what’s ahead
We’re committed to providing valuable insights and information to plan sponsors and participants as plan migrations approach. In the coming weeks and months you can expect:
- A quarterly newsletter with relevant insights, research, legislative and regulatory updates, required administrative updates, data security information and more.
- Webinar invites for our Empower Exchange series, which highlights proprietary research, industry trends and other important topics.
- Participant education resources to keep your employees engaged and informed.
The benefit of an Empower transition
FOR ILLUSTRATIVE PURPOSES ONLY. RO1507483-0221
"Together, Empower and MassMutual connect a broad spectrum of strength and experience with a shared focus on the customer. We are excited about the opportunity to reach new customers and serve even more Americans on their journey toward creating a secure retirement."
Empower’s extensive experience will guide a smooth transition
Since 2004, Empower has transitioned 14 recordkeeping platforms, including:
J.P. Morgan Retirement Plan Services
Franklin Templeton Investments
MetLife Life Insurance Company
New England Life Insurance
General American Life Insurance Company
U.S. Bank Defined Contribution Services
EMJAY Corp.
Federated Insurance Companies
220+ full-time transition professionals including:
- Program management
- Data conversion
- Integration workstreams
- Technology
- Training
- Communications
Transitioning to the Empower platform will be different from a typical conversion and will require less action on your part.
About Empower Retirement
Retirement is our core business — it’s in the name.
We’re the second-largest retirement services provider in the United States, serving over 67,000 plans and 12 million participants.3 We’re singularly focused on retirement, with expertise across all plan types, company sizes and market segments.
Empower Institute
The Empower Institute explores many aspects of the retirement savings puzzle and works to blaze the trail on potential solutions to some of the most vexing challenges facing American workers.
Award-winning education with measurable results
Delivering the right message to the right person at the right time.
PLANADVISOR best-rated 401(k) company by advisers
PLANSPONSOR Outstanding Service
Top ranked in 5 of 6 Financial Advisor IQ Awards
2020 Retirement Leader of the Year
11 P&I Eddy Awards
4 PCSA Signature Awards
183 Marcom Awards
93 Hermes Awards
Empower Retirement stats at a glance
$1 trillion+1
Total assets under administration
67,000+2
Retirement plans under administration
12 million+2
Total plan participants
2nd Largest3
Retirement services company in the country
8,5004
Total employees
40
Regional offices
Connect with an Empower representative today!
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Empower Total Retirement Center
Plan sponsor and TPA account management – 401(k) defined contribution plans
Plan Access
Plan sponsor and TPA account management – 401(k) defined contribution plans
Retirement plans
Plan sponsor and advisor account management – government, education, healthcare, not-for-profit plans
1 As of March 31, 2021. 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 $1,065.8T. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. GWLA’s statutory assets total $74.5B and liabilities total $72.5B. GWLANY statutory assets total $3.7B and liabilities total $3.5B.
2 As of March 31, 2021.
3 Pension & Investments Defined Contribution Survey Ranking as of April 2020.
4 Total employees for U.S. and India locations as of January 4, 2021.
On December 31, 2020, Empower Retirement acquired the retirement business of Massachusetts Mutual Life Insurance Company (“MassMutual”). Following an initial transition period, Empower Retirement will become the sole administrator of this business. Empower Retirement refers to the products and services offered by Great-West Life & Annuity Insurance Company (“GWLA”) and its subsidiaries, including Empower Retirement, LLC. Empower Retirement is not affiliated with MassMutual or its affiliates.
Securities offered and/or distributed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is an affiliate of Empower Retirement, LLC; Great-West Funds, Inc.; and registered investment advisers, Advised Assets Group, LLC and Personal Capital. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice.
©2021 Empower Retirement, LLC. All rights reserved.