Subscribe (Free) to
Daily or Weekly Newsletters
Post a Job

Featured Jobs

Pension Administrator

Actuaries Unlimited, Inc.
(Remote)

Actuaries Unlimited, Inc. logo

"You Break It, We Fix It" Administrator

Nova 401(k) Associates
(Remote / Houston TX / Dallas TX / Scottsdale AZ)

Nova 401(k) Associates logo

Investment Advisor

SWBC Retirement Plan Services
(Austin TX)

SWBC Retirement Plan Services logo

Senior Retirement Account Representative

Ohio Pension Services
(Akron OH)

Ohio Pension Services logo

Senior Plan Document & Compliance Specialist

PCS Retirement, LLC
(Remote)

PCS Retirement, LLC logo

Relationship Manager - Retirement Plans

Spectrum Investment Advisors, Inc.
(Thiensville WI)

Spectrum Investment Advisors, Inc. logo

Retirement Plan Benefits Consultant

Compass Retirement Consulting Group
(Remote / Stratham NH)

Compass Retirement Consulting Group logo

DC Plan Administrator

United Benefit Pensions Inc.
(Melville NY)

United Benefit Pensions Inc. logo

Loan and Distribution / Contribution Upload Specialist

Aimpoint Pension
(Remote)

Aimpoint Pension logo

Senior Plan Administrator

PCS Retirement, LLC
(Remote)

PCS Retirement, LLC logo

Retirement Plan Consultant (RPC)

Qualified Plan Consultants, LLC (QPC)
(Remote)

Qualified Plan Consultants, LLC (QPC) logo

DC Plan Administrator

Farmer & Betts, Inc.
(Remote / CO / OR / WA)

Farmer & Betts, Inc. logo

Senior Plan Consultant

Bidwell Consulting Services, Inc.
(Remote / Chico CA)

Bidwell Consulting Services, Inc. logo

Plan Compliance Analyst (Administrator)

RPA
(Remote / Falls Church VA)

RPA logo

Retirement Plan Administrator

Premier Plan Consultants
(Remote / San Diego CA)

Premier Plan Consultants logo

Defined Contribution Account Manager with a Life!

Nova 401(k) Associates
(Remote / Houston TX / Dallas TX / Scottsdale AZ)

Nova 401(k) Associates logo

Relationship Manager

Compass Retirement Consulting Group, Inc./Compass 360, LLC
(Remote / Stratham NH / MA)

Compass Retirement Consulting Group, Inc./Compass 360, LLC logo

Client Compliance Counsel

Gallagher
(Philadelphia PA / CT / DE / MA / NJ / NY / RI)

Gallagher logo

Associate Consultant / Retirement Plan Administration

Spectrum Pension Consultants, Inc.
(Tacoma WA)

Spectrum Pension Consultants, Inc. logo

Pension Administrator

National Administration, Inc.
(Remote / Menasha WI)

National Administration, Inc. logo

Retirement Plan Administrator

Excellent TPA
(Remote)

Retirement Plan Administrator

Bates & Company, Inc.
(Remote / Winter Park FL)

Bates & Company, Inc. logo

Consultant / Retirement Plan Administration

Spectrum Pension Consultants, Inc.
(Remote / Tacoma WA)

Spectrum Pension Consultants, Inc. logo

View More Employee Benefits Jobs

Free Newsletters

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile App image LinkedIn icon
Twitter icon
Facebook icon

Press Releases by Date   |   Press Releases by Company Name


View More Press Releases by Empower Retirement

Press Release

Empower Retirement Closes Acquisition of Personal Capital

Issued by Empower Retirement

Aug. 18, 2020

GREENWOOD VILLAGE, Colo., August 18, 2020 -- Empower Retirement today announced the completion of its acquisition of Personal Capital, following the receipt of regulatory approval required by the agreement and as announced on June 29, 2020.

Upon completion of the acquisition, Personal Capital became a wholly owned subsidiary of Empower, which is acquiring Personal Capital for up to $1 billion in enterprise value, composed of $825 million on closing and up to $175 million for planned growth.

Empower is the nation’s second-largest retirement services provider, /1/ and Personal Capital is a digital-first registered investment adviser and wealth manager.

“This is an exciting day for Empower as we progress toward the evolution of an integrated platform to deliver personalized advice, financial wellness and comprehensive financial planning to millions of individual investors and retirement plan participants,” said Edmund F. Murphy III, President and Chief Executive Officer of Empower. “I know we will deliver on our vision of transforming the financial lives of those we serve. I am thrilled about the opportunities for our associates and the new colleagues that we welcome to Empower.”

Personal Capital will be branded as “Personal Capital, an Empower Company” and will continue to provide its award-winning financial tools and investment solutions to its clients.

Personal Capital CEO Jay Shah will serve as President of Personal Capital, reporting to Murphy and will be a member of its executive team. A joint team from both enterprises will work together to integrate the Personal Capital and Empower offerings.

“We are delighted to consummate our combination with Empower today. Our shared vision of holistic, personalized, financial planning and solutions to effect better client outcomes only accelerates now that we’ve joined forces,” said Shah.

Sullivan & Cromwell LLP served as legal counsel and Morgan Stanley & Co. LLC and Rockefeller Capital Management served as financial advisors to Empower. Willkie Farr & Gallagher LLP served as legal counsel and Moelis & Company LLC served as financial advisor to Personal Capital.

About Empower Retirement
Headquartered in metro Denver, Empower Retirement administers $680 billion in assets for more than 9.7 million retirement plan participants as of June 30, 2020. /2/ It is the nation’s second-largest retirement plan recordkeeper by total participants. /1/ 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 IRA customers. For more information please visit empower-retirement.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.

About Personal Capital
Personal Capital is a remote-delivery, industry-leading digital wealth management company that helps people transform their financial lives through technology and advisory services. The company’s state-of-the-art tools and technology provide investors with a complete financial picture, utilized by millions of users and tens of thousands of clients. Its investment advisor representatives provide expert guidance and customized strategies, based on a personal understanding of an investor’s financial picture and goals. Personal Capital currently manages more than $13 billion in assets as of July 31, 2020, virtually delivered from offices across the U.S. For more information, please visit www.personalcapital.com or connect with us on Facebook, Twitter or LinkedIn.

Advisory services are offered for a fee by Personal Capital Advisors Corporation, a wholly owned subsidiary of Personal Capital Corporation. Personal Capital Advisors Corporation is a registered investment adviser with the Securities and Exchange Commission (“SEC”). SEC registration does not imply a certain level of skill or training. Investing involves risk. Past performance is not a guarantee or indicative of future returns. The value of your investment will fluctuate, and you may gain or lose money.

/1/ Pensions & Investments 2020 Defined Contribution Survey Ranking as of April 2020.

/2/ As of June 30, 2020. 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 assets under administration (AUA), $1.68B represents the AUA of GWLANY. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. GWLA statutory assets total $50.1B and liabilities total $48.8B. GWLANY statutory assets total $1.68B and liabilities total $1.57B.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Certain statements in this press release constitute forward-looking statements, representing management’s current view of future events based on reasonable assumptions. These statements are not guarantees of future performance, as actual results may differ depending on the development and completion of this business combination. Consider these and other factors, uncertainties and potential events carefully and do not place undue reliance on forward-looking information. Other than as specifically required by applicable law, forward-looking information as a result of new information, future events or otherwise will not be updated. RO1305384-0820

BL:hh

View More Press Releases by Empower Retirement


Editor's note: This press release has been issued by the company named above, not BenefitsLink. Reliance on information in this press release might be prudent only after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.

© 2021 BenefitsLink.com, Inc.