Empower Retirement introduces Dynamic Retirement ManagerTM with State Street Global Advisors


Every saver has different financial goals and those goals change over time. Empower has designed a personalized approach for their investment options.

GREENWOOD VILLAGE, Colo., June 20, 2019 — Empower Retirement continues to build on its unique Dynamic Retirement ManagerTM program giving working Americans the next evolution of personalization in investment options.

Empower Dynamic Retirement Manager (DRM) is designed to automatically transition an individual’s retirement account from a professionally managed investment option, such as a target date fund, to a managed account, which offers a more personalized investing experience.

Empower has designed a new variation of its Dynamic Retirement Manager (DRM) offering that integrates low-cost, index-based investments from State Street Global Advisors’ (State Street), the asset management business of State Street Corporation.

In this offering, plan sponsors start with target-date retirement funds from State Street. When the time is right for participants, their savings will transition into a customized managed account solution, managed by Advised Assets Group, LLC (AAG), a registered investment adviser, using the same underlying investments offered by State Street.

“We are on a mission to revolutionize the workplace retirement savings programs we offer our customers,” said Edmund F. Murphy III, President and CEO of Empower Retirement. “We recognize that developing value-aligned partnerships brings us to better outcomes for American workers who are saving for their retirement.”

With this solution, advisers no longer have to choose between target-date funds and managed accounts. DRM provides employees a glide path in the target date series. Then, when the employees reach a certain age, they easily transition into a more personalized managed account based on their individual circumstances while still using the investment options that they already know and trust.

“We’re proud to work with Empower to deliver an innovative solution to help participants pursue their retirement goals,” said Greg Porteous, Head of Intermediary Strategy for State Street Global Advisors. “As one of the largest index-based target date fund providers in the United States, we are committed to helping all Americans build retirement readiness, and this solution reflects that commitment.”

Since its launch in 2017, DRM has been well received in the market. More than 400 plan sponsors across the U.S. with more than $2.5 billion in total plan assets are enhancing their plan’s default option with DRM, including large and small corporations, and public and not-for-profit employers.

In April, Empower announced it had designed an offering within its DRM program that integrates the American Funds Target Date Retirement Series, which is an actively managed target date series.