Subscribe Now!
Free Daily News, Jobs, Webcasts, Discussions
Display and Distribute
Your Job Openings
COVID-19 News
COVID-19 Webcasts

Featured Jobs

Plan Consultant

Advanced Plan Designs, LLC
(Telecommute / Springfield MO)

Advanced Plan Designs, LLC logo

Retirement Plan Consultant

Jocelyn Pension Consulting
(Telecommute / Boulder CO / CA)

Jocelyn Pension Consulting logo

Retirement Plan Administrator

Howard Simon & Associates
(Deerfield IL)

Howard Simon & Associates logo

Retirement Plan Administrator

Prime Benefits
(Telecommute / Baltimore MD)

Prime Benefits logo

Retirement Plan Administration Assistant

Jordan & Associates Retirement Services
(Santa Rosa CA)

Jordan & Associates Retirement Services logo

Investment Advisor

SWBC Retirement Plan Services
(Austin TX)

SWBC Retirement Plan Services logo

Retirement Plan Administrator

Jordan & Associates Retirement Services
(Telecommute / Santa Rosa CA)

Jordan & Associates Retirement Services logo

DB/DC Plan Consultant

Small NY Actuarial TPA Firm
(Telecommute / CT / NJ / NY)

DC Plan Administrator

Retirement, LLC
(Telecommute / Oklahoma City OK / Sioux Falls SD)

Retirement, LLC logo

Defined Contribution Plan Administrator

Pension Investors Corp of Orlando Inc
(Altamonte Springs FL)

Pension Investors Corp of Orlando Inc logo

Manager/Supervisor of Benefits and Payroll Compensation

Virginia Farm Bureau
(Richmond VA)

Virginia Farm Bureau logo

Legal Director

Pension Rights Center
(Telecommute / Washington DC)

Pension Rights Center logo

Retirement Plan Administrator

Premier Plan Consultants
(Telecommute / San Diego CA)

Premier Plan Consultants logo

Free Daily News and Jobs

“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

By Date   |   By Company Name


View More Press Releases by Empower Retirement

Press release:

Empower Retirement Acquires Truist Retirement Plan Recordkeeping Business

Issued by: Empower Retirement

Date: Jan. 6, 2021

GREENWOOD VILLAGE, Colo. & CHARLOTTE, N.C.--()--Empower Retirement (“Empower”), the nation’s second-largest retirement services provider,1 and Truist Bank today announced they have entered into a definitive agreement that expands and enhances retirement plan services for the heritage SunTrust retirement plan participants and the employers who sponsor them.

Under the agreement, Empower will acquire the heritage SunTrust 401(k) recordkeeping business, which includes approximately 300 retirement plans consisting of more than 73,000 plan participants and $5 billion in plan assets. The terms of the transaction were not disclosed. The transaction is expected to close during the first quarter of 2021.

Empower currently provides recordkeeping services for Truist through its private-label retirement plan unit, Empower Institutional. Because of this long-standing relationship, which spanned more than 20 years, the transition is expected to be seamless and will not require conversions.

“We are excited about the opportunity to provide a smooth transition for these retirement savers and an enhanced customer experience that benefits both retirement plan participants and their employers,” said Edmund F. Murphy III, Empower Retirement President and CEO. “With this transaction, we will continue to expand our capabilities, enhance our financial wellness and advice offerings, and accelerate our value creation for all our stakeholders.”

In addition to the Empower acquisition of the heritage SunTrust 401(k) plan recordkeeping business, Resources Investment Advisors LLC (dba OneDigital Investment Advisors - “OneDigital”) will serve as the advisor to a majority of the plans that Empower will administer.

Empower provides retirement services, managed accounts, financial wellness and investment solutions to plans of all types and sizes. Empower offers an integrated financial technology toolset, a commitment to customer service and an advisor-centric offering that have been the hallmarks of the company’s highly successful retirement plan solutions.

The transfer of the heritage SunTrust retirement business is the latest chapter in Empower’s expansion through acquisitions. On Jan. 4, 2021, Empower announced that it had completed the acquisition of the MassMutual retirement plan business. 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

In August 2020, Empower announced it had completed the acquisition of Personal Capital, a registered investment adviser and wealth manager. The combined firm will serve retirement plans sponsored by a broad spectrum of employers. On Sept. 29, 2020, Empower announced that it was acquiring Fifth Third Bank, National Association’s retirement plans, providing recordkeeping and administrative services.

View More Press Releases by Empower Retirement


This is a press release issued by the company named above. BenefitsLink is not the author. Use of any information obtained from this release is voluntary, and reliance on it should only be undertaken 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.