Plan Administration
More than 40,000 clients, including some of the largest financial institutions and government plans in the U.S., trust us with their plan administration needs1
With our state-of-the-art record keeping platform serving as a foundation, our fully integrated proprietary system allows for a more dynamic approach to handling your needs.
Best-In-Class Awards2
Plan Administration
Technology
Participant Education
Support Services
Investments and Fees
Our plan sponsor experience offers a comprehensive look at your plan’s relevant information with tools that help improve plan results and reduce administrative tasks.
Empower saves you time and makes plan administration seamless and simple by:
Proactive administrative support
Our proprietary, modern record keeping system drives efficient data collection, allowing us to:
Validate payroll data with each submission.
Track employee eligibility and contributions.
Provide real-time status of participant readiness for retirement through our Lifetime Income Score℠ analysis
Our collection of accurate data allows us to relieve you of additional administrative duties, including:
Distribution of all participant notices.
Beneficiary tracking and verification for death claims.
QDRO verification and processing.
Annual plan review.
1099 preparation and delivery.
Safe harbor suspension and reinstatement.
Loan approval and monitoring.
Distribution processing, including withdrawals, terminations and rollovers.
Ongoing Plan Design & Compliance Services
Your plan design consultant stays committed to your plan to support ongoing compliance testing and ERISA services. In-house experts and external consultants collaborate to help you meet your fiduciary responsibilities. Together, these experts offer the following:
Ongoing assistance and updates related to issues such as pension reform change
Comprehensive IRS/Department of Labor plan testing and compliance counseling
On-demand testing available at any time at no additional cost
Regulatory updates that provide information and tools to help meet your fiduciary responsibilities
Proactive, plan-specific compliance and consulting support, including customized merger and acquisition support
Standard consulting services at no additional cost
Plan fees
We provide industry-leading services at a fair price. In numerous benchmarks — and for many years — clients have rated us among the best in delivering value.
1 As of March 31, 2020. Information refers to all insurance and retirement business of Great-West Life & Annuity Insurance Company and its subsidiaries.
2 Based on best-in-class awards from PLANSPONSOR 2018 DC Survey, February 2019.
3 2012-2018 PLANADVISOR Advisor Value Survey. Ranking prior to 2015 refers to Great-West Financial® retirement services.
4 PLANADVISER Adviser Value Survey, November 2018.
Not all product offerings and services are available in all states or to all plan sizes and types. Please contact your Empower Retirement representative to determine what is available for your situation.