Empower CEO Murphy delivers message to customers in wake of Covid-19 outbreak

Mar 17, 2020
Press Release

GREENWOOD VILLAGE, Colo., March 17, 2020 —Empower Retirement CEO Edmund F. Murphy today released the following message to the company’s clients following the outbreak of the Covid-19 outbreak.

Empower, the nation’s second largest retirement services provider by plan participants, serves the retirement needs of approximately 9.4 million Americans through 39,000 retirement plans.1

“We are living and working in unprecedented times. Details about Covid-19 (coronavirus) from around the world are unfolding every hour. I wanted to share with you some details about how Empower Retirement is responding and how we are continuing to serve you.

The team at Empower Retirement realizes that in this time of crisis, it is critical that we make it possible for you to continue to focus on your employees and your operations. We want you to know that you can count on us to be there to support you and keep our focus on your workplace retirement plans and IRAs.

Empower’s leadership team is meeting continuously to assess and respond to the crisis as it evolves. We are adjusting our operations to maintain continuity and to support the safety and health of our employees so they can serve you. In addition, we are operating in accordance with guidance from federal and local government and public health authorities across the country. We have put in place many actions focused on mitigating the spread of the virus. In addition, we have deployed extensive technologies for our employees to use to communicate with you and your employees.

Global markets are reacting and volatility is unprecedented. We cannot predict how long this cycle will last, but history tells us that the markets will eventually stabilize and begin to recover.

Empower was built with times like this in mind. We know retirement investors. We understand their needs and have built systems, designed processes and hired professionals who know how to serve them.

Our call volumes and web traffic are at extraordinary levels. Our customer care representatives are working extended shifts and making heroic efforts to serve every caller with the care they deserve. Teams from across the organization are joining forces to help customers who want reassurances. The good news is that, for the most part, retirement investors have not given over to emotional selling. Retirement plan participants and IRA customers are calling to inquire about their portfolio more than anything else.

Empower technology teams continue aggressive monitoring of our systems to accommodate the increased web traffic. Even in these periods of unprecedented volatility, our volumes are not outside our handling capacity.

Empower recognizes that we are in a fluid and unique global situation. As conditions change we will continue to monitor the need to continue or adjust these changes in partnership with those we serve.

Please reach out to your Empower representative team with any questions and concerns. We have been prepared at every level and will continue to be responsive and proactive across our sales, service and advisory teams.”

About Empower Retirement

Headquartered in metro Denver, Empower Retirement administers $673 billion in assets2 for approximately 9.4 million retirement plan participants, as of Dec. 31, 2019. It is the nation’s second-largest retirement plan record keeper by total participants, according to Pensions & Investments, April 2019. Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, midsize and large corporate 401 (k) clients; non-profit 403 (b) entities; private-label recordkeeping clients; and Individual Retirement Account customers. For more news and thought leadership, please visit Empower-Retirement or follow us @EmpowerToday.

Media Contacts:

Stephen Gawlik – 303.737.0899 (office), 617.417.4408 (cell)
Monica Mendoza – 303.737.2626 (office), 719.373.2460 (cell)

Learn More:

To learn more about how we’re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.

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1Information 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 Empower Retirement brand. Ranking based on total participant accounts as of March 31, 2019. Source, Pensions & Investments, 2019 Defined Contribution Survey Rankings as of March 31, 2019.

2As of December 31, 2019. 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. Of the total $686.5B assets under administration, $19.6B represents the AUA of GWL&A of NY. AUA do not reflect the financial stability or strength of a company. GWL&A assets total $48.8B and liabilities total $47.3B. GWL&A of NY assets total $1.6B and liabilities total $1.5B.

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Empower to acquire Personal Capital - dual logos
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Empower Retirement to acquire Personal Capital

The combination will bring together Empower’s leading retirement plan services and integrated financial tools with Personal Capital's rapidly growing, digitally-oriented personal wealth management platform. 

Carefully consider the investment option’s objectives, risks, fees and expenses. Contact Empower Retirement for a prospectus, summary prospectus for SEC registered products or disclosure document for unregistered products, if available, containing this information. Read each carefully before investing.

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 adviser, Advised Assets Group, LLC. Investing involves risk, including possible loss of principal. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice.

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