Key Takeaways
- • Empower reported $62 billion in retirement plan sales in the first half of 2022, citing new corporate and state-level clients including 3M, JetBlue, F.W. Webb, and Kinder Morgan.
- • Empower's book of business now encompasses more than 71,000 retirement plans and approximately 17 million plan participants.
- • Request-for-proposal activity across defined contribution plans is on pace to exceed past levels despite macroeconomic headwinds, according to the company.
- • Empower's advisor-sold business, covering plans with up to $50 million in assets, added 1,400 plans since the start of 2022.
- • Empower administers approximately $1.4 trillion in assets and is the nation's second-largest retirement plan recordkeeper by total participants.
Summary
Empower, the Colorado-based retirement services provider, said it recorded $62 billion in retirement plan sales in the first half of 2022. The company named 3M, JetBlue, F.W. Webb, and Kinder Morgan among the clients that contributed to the results, noting it added several large corporate and state-level plans to its book of business.
The firm's book now encompasses more than 71,000 retirement plans and covers approximately 17 million plan participants. According to the company, request-for-proposal activity across defined contribution plans, including 401(k), 457(b), and 403(b) plans of all sizes, is on pace to exceed past levels. The plans span corporate, government, not-for-profit, and Taft-Hartley employers despite what the company described as macroeconomic headwinds.
Empower's government markets segment administers $200 billion in assets for 3.7 million plan participants as of April 30, 2022. Its advisor-sold business, which covers plans with up to $50 million in assets and includes the Advisor Managed Account offering, has added 1,400 plans since the start of 2022.
Empower President and CEO Ed Murphy said in a statement that "the retirement ecosystem remains strong" and that the need for superior client service does not change amid market volatility. He added that the company wants plan sponsors and advisor partners to be able to meet the needs of individual participants every day.
The company completed acquisitions of the Mass Mutual and Prudential retirement plan businesses in December 2020 and April 2022, respectively. Empower now administers approximately $1.4 trillion in assets for more than 17 million participants and is the nation's second-largest retirement plan recordkeeper by total participants.
The firm's book now encompasses more than 71,000 retirement plans and covers approximately 17 million plan participants. According to the company, request-for-proposal activity across defined contribution plans, including 401(k), 457(b), and 403(b) plans of all sizes, is on pace to exceed past levels. The plans span corporate, government, not-for-profit, and Taft-Hartley employers despite what the company described as macroeconomic headwinds.
Empower's government markets segment administers $200 billion in assets for 3.7 million plan participants as of April 30, 2022. Its advisor-sold business, which covers plans with up to $50 million in assets and includes the Advisor Managed Account offering, has added 1,400 plans since the start of 2022.
Empower President and CEO Ed Murphy said in a statement that "the retirement ecosystem remains strong" and that the need for superior client service does not change amid market volatility. He added that the company wants plan sponsors and advisor partners to be able to meet the needs of individual participants every day.
The company completed acquisitions of the Mass Mutual and Prudential retirement plan businesses in December 2020 and April 2022, respectively. Empower now administers approximately $1.4 trillion in assets for more than 17 million participants and is the nation's second-largest retirement plan recordkeeper by total participants.
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