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

Featured Jobs

Plan Compliance Analyst (Administrator)

RPA
(Remote)

RPA logo

Quality Assurance Manager

Nova 401(k) Associates
(Remote)

Nova 401(k) Associates logo

Retirement Plan Analyst/Administrator

Compensation Strategies Group, Ltd.
(Remote / Beaumont TX)

Compensation Strategies Group, Ltd. logo

ERISA Counsel

Human Interest
(Remote)

Human Interest logo

Pension Administrator

Creative Pension Consultants, Inc.
(Remote / Albany NY)

Creative Pension Consultants, Inc. logo

Retirement Plan Administrator

Nicholas Pension Consultants
(Remote / Corona CA / Rancho Cordova CA)

Nicholas Pension Consultants logo

Senior Plan Administrator

Atlantic Pension Services Inc
(Remote / Kennett Square PA / DE / MD / NJ)

Atlantic Pension Services Inc logo

Retirement Plan Relationship Manager/Consultant

The Retirement Plan Company (TRPC)/an ABG firm
(Remote)

The Retirement Plan Company (TRPC)/an ABG firm 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

Press Release

Empower Retirement Closes Acquisition of MassMutual Retirement Plan Business

Issued by Empower

Jan. 4, 2021

GREENWOOD VILLAGE, Colo. -- Empower Retirement today announced the completion of the previously announced acquisition of Massachusetts Mutual Life Insurance Company’s (MassMutual) retirement plan business, following the receipt of regulatory approval required by the agreement.

As a result of the acquisition, MassMutual’s retirement plan business transitions to Empower in a reinsurance transaction for a ceding commission of $2.35 billion. In addition, the balance sheet of the transferred business will be supported by $1 billion of required capital when combined with Empower’s existing U.S. business.

Empower is the nation’s second-largest retirement services provider.1 The acquisition increases Empower’s participant base to more than 12 million and retirement services recordkeeping assets to approximately $884 billion administered in approximately 67,000 workplace savings plans.2

“We are excited to welcome new clients and retirement savers to Empower and look forward to the opportunity to serve them on their journey toward creating a secure retirement,” said Edmund F. Murphy III, President and CEO of Empower Retirement. “We are working to make the transition of plans to Empower seamless as we continue to enhance the customer experience by providing a personalized, holistic approach to retirement planning.”

More than 1,700 employees who had been affiliated with MassMutual’s retirement plan business will join Empower to provide the full range of support services for financial professionals, plan sponsors and participants.

Eversheds Sutherland served as legal counsel, and Goldman Sachs and Rockefeller Capital Management served as financial advisors to Empower. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel and Lazard served as exclusive financial advisor to MassMutual.

About Empower Retirement

Headquartered in metro Denver, Empower Retirement administers approximately $710 billion in assets for more than 9.4 million retirement plan participants as of Sept. 30, 2020.3 It is the nation’s second-largest retirement plan recordkeeper by total participants. 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. Personal Capital, a subsidiary of Empower Retirement, is an industry-leading hybrid wealth manager. For more information please visit empower-retirement.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.

About MassMutual

MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit massmutual.com.

View More Press Releases by Empower


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.

© 2022 BenefitsLink.com, Inc.