Key Takeaways
- • Empower reported $62 billion in funded and committed organic retirement plan sales in the first half of 2022, as of June 30, 2022, according to a company press release dated July 8, 2022.
- • The firm earned more than 2,000 new client mandates and now serves more than 71,000 retirement plans covering approximately 17 million participants.
- • Empower has identified about $1.6 trillion in new business it is pursuing, with request-for-proposal activity on pace to exceed past levels across 401(k), 457(b) and 403(b) plan types.
- • Notable new mandates or renewals include 3M, JetBlue, F.W. Webb, Kinder Morgan, WellSpan Health and Keiser University / Everglades University.
- • Empower's government markets segment administers $200 billion in assets for 3.7 million participants across 4,776 public sector plans, as of April 30, 2022.
Summary
Empower, which describes itself as the nation's second-largest retirement plan provider, reported $62 billion in retirement plan sales in 2022, based on funded and committed organic sales. The company stated that as of June 30, 2022, it had earned more than 2,000 new client mandates, adding several large corporate and state-level plans. Its book now encompasses more than 71,000 retirement plans and approximately 17 million participants, according to the company's July 8, 2022 release.
Request-for-proposal activity is on pace to exceed past levels across defined contribution plan types, including 401(k), 457(b) and 403(b) plans of all sizes, as well as Taft-Hartley plans. Empower said it has identified roughly $1.6 trillion in new business it is pursuing in the market.
Empower highlighted new mandates or renewals from 3M, JetBlue, F.W. Webb, Kinder Morgan, WellSpan Health and Keiser University / Everglades University. Its government markets segment, a leading provider of 457 and other workplace savings plans for public employers, administers $200 billion in assets for 3.7 million participants as of April 30, 2022, across 4,776 plans, including 30 state retirement plans with recent renewals with Wisconsin and North Carolina. The advisor-sold business, covering plans with up to $50 million in assets, added about 1,400 plans since the start of 2022.
The company also cited its Advisor Managed Account offering, which it said has reached more than 830 plans and 13 advisory firms as of June 30. Empower completed the acquisitions of the MassMutual and Prudential retirement plan businesses in December 2020 and April 2022, respectively, which it said expanded its footprint in the market.
CEO Edmund F. Murphy III said, "The retirement ecosystem remains strong, and it is a reliable source of insight into how employers and workers alike are thinking about the path ahead." Murphy emphasized the importance of client service during volatile markets. Empower is headquartered in metro Denver and administers approximately $1.4 trillion in assets, according to the company.
Request-for-proposal activity is on pace to exceed past levels across defined contribution plan types, including 401(k), 457(b) and 403(b) plans of all sizes, as well as Taft-Hartley plans. Empower said it has identified roughly $1.6 trillion in new business it is pursuing in the market.
Empower highlighted new mandates or renewals from 3M, JetBlue, F.W. Webb, Kinder Morgan, WellSpan Health and Keiser University / Everglades University. Its government markets segment, a leading provider of 457 and other workplace savings plans for public employers, administers $200 billion in assets for 3.7 million participants as of April 30, 2022, across 4,776 plans, including 30 state retirement plans with recent renewals with Wisconsin and North Carolina. The advisor-sold business, covering plans with up to $50 million in assets, added about 1,400 plans since the start of 2022.
The company also cited its Advisor Managed Account offering, which it said has reached more than 830 plans and 13 advisory firms as of June 30. Empower completed the acquisitions of the MassMutual and Prudential retirement plan businesses in December 2020 and April 2022, respectively, which it said expanded its footprint in the market.
CEO Edmund F. Murphy III said, "The retirement ecosystem remains strong, and it is a reliable source of insight into how employers and workers alike are thinking about the path ahead." Murphy emphasized the importance of client service during volatile markets. Empower is headquartered in metro Denver and administers approximately $1.4 trillion in assets, according to the company.
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