Press Release

Empower to Acquire Milliman’s Retirement Administration Business

Issued by Empower

June 30, 2026

• Transaction strengthens Empower’s defined benefit administration capabilities and advances integrated workplace benefits strategy
• Company bolsters defined contribution footprint, adds health and welfare benefits administration capabilities

GREENWOOD VILLAGE, Colo. -- Empower and Milliman, Inc. today announced they have entered into a definitive agreement for Empower to acquire Milliman’s retirement administration business. The acquisition will add significant expertise, broader capabilities and an expanded workplace solutions portfolio to Empower’s existing business.

Milliman is retaining its retirement and healthcare actuarial consulting business and expects to enter a strategic partnership with Empower following the close of the transaction.

Subject to customary regulatory approvals and closing conditions, Empower will acquire the business for a total consideration of $340 million.

The acquisition will expand Empower’s capabilities in the defined benefit marketplace and advance the company’s strategy of delivering integrated workplace benefits solutions that help employers support employees throughout their financial lives.

The transaction will add specialized defined benefit administrative expertise and capabilities to Empower’s existing retirement, wealth management, stock plan and consumer-directed healthcare offerings, creating a more comprehensive suite of workplace financial solutions for employers, plan sponsors, advisors and individual investors.

The transaction also includes more than 800 employees who will join Empower to provide a comprehensive suite of retirement and administration services to financial professionals, plan sponsors and participants.

At closing, Empower expects to acquire approximately 400 defined benefit plans representing approximately 790,000 plan participants and approximately $80 billion in assets under administration. Empower also expects to acquire more than 1,100 defined contribution plans representing approximately 750,000 participants and more than $50 billion in client assets.¹ Empower will also acquire 100 health and welfare administration clients with approximately 100,000 plan participants.

“Retirement security today requires more than savings alone. It depends on wealth accumulation, healthcare preparedness and reliable income throughout retirement,” said Edmund F. Murphy III, President and Chief Executive Officer of Empower. “The addition of Milliman’s defined benefit capabilities strengthens our ability to serve the evolving needs of the 20 million investors we support, the 93,000 retirement plan sponsors we serve and the financial advisors who help clients navigate increasingly complex financial decisions. This acquisition represents another important step in Empower’s vision of delivering integrated workplace solutions that help people build wealth, protect it and ultimately retire with confidence.”

“We are proud of the business we have built and the relationships we have established with our clients,” said Dermot Corry, President and CEO of Milliman. “As we considered the next chapter for this business, it was important to find a partner with scale, commitment to the future of retirement and benefits administration, and the long-term vision necessary to continue serving our broad range of clients. We chose Empower because of its leadership position in retirement services and its ability to offer an enhanced range of services to our customers while providing excellent career opportunities for our employees. This transaction allows Milliman to sharpen our focus on our consulting, data analytics and AI businesses.”

Following the close of the transaction, Milliman and Empower expect to establish a strategic relationship for actuarial services and defined benefit plan administration. Under this arrangement, Milliman and Empower would become preferred service providers in select actuarial services and defined benefit administrative opportunities generated by each firm’s respective business activities.

Defined benefit plans continue to play an important role in the U.S. retirement system, helping employers attract and retain talent while supporting retirement readiness and income security. Demand remains particularly strong among governmental employers, professional services firms, healthcare organizations and closely held businesses. Modern designs such as cash balance plans have experienced significant growth as employers seek additional tools to improve retirement preparedness and workforce planning.

The acquisition reflects Empower’s continued investment in building a workplace solutions ecosystem that connects retirement savings, retirement income, equity compensation, healthcare savings and wealth management solutions. By bringing these capabilities together, Empower aims to help employers deliver more holistic financial wellness programs and improve long-term financial outcomes for employees.

The transaction represents the latest step in Empower’s disciplined growth strategy. Over the past decade, Empower has expanded its capabilities through strategic acquisitions, including Personal Capital, MassMutual’s retirement business, Prudential’s full-service retirement business and Plan Management Corp. (OptionTrax).

The transaction is expected to close in the second half of 2026, subject to customary regulatory approvals and closing conditions. Until the transaction closes, Empower and Milliman’s administration business will continue to operate as independent businesses.

Eversheds Sutherland is serving as legal counsel to Empower. K&L Gates is serving as legal counsel and Chesky Partners is serving as exclusive financial advisor to Milliman.

About Empower

Recognized as a leader in retirement services and wealth management,² Empower administers over $2.0 trillion in assets³ for more than 20 million individuals through the provision of workplace and individual retirement plans, advice, financial planning and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok and Instagram.

About Milliman

Milliman leverages deep expertise, actuarial rigor and advanced technology to develop solutions for a world at risk. We help clients in the public and private sectors navigate urgent, complex challenges—from extreme weather and market volatility to financial insecurity and rising health costs—so they can meet their business, financial and social objectives. Our solutions encompass insurance, financial services, healthcare, life sciences and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. Visit us at Milliman.com.

¹ The figures presented in the body of this release reflect Empower’s reporting methodology. Milliman utilizes a different reporting method, which may result in a different breakdown of the data.

² Pensions & Investments DC Recordkeeper Survey (2025). Ranking measured by total number of participants as of December 31, 2024.

³ As of March 31, 2026. Assets under administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company.

Cautionary Note Regarding the Proposed Transaction

The parties have entered into a definitive agreement providing for the acquisition described in this press release. The completion of the transaction remains subject to the satisfaction or waiver of customary closing conditions and other terms set forth in the agreement. Accordingly, there can be no assurance that the transaction will be completed on the anticipated timeline or at all.

Statements in this press release regarding the expected timing of the closing, anticipated benefits of the transaction, future operations, integration plans, business opportunities or other events that have not yet occurred are based on the parties’ current expectations and assumptions. Actual results and outcomes may differ materially due to a variety of factors, including the failure to satisfy closing conditions, required approvals, integration challenges, market conditions and other risks affecting the businesses.

Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries.

“EMPOWER” and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America.

The information contained herein is being provided for discussion purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy or sell, securities. All visuals are illustrative only.

©2026 Empower Annuity Insurance Company of America. All rights reserved.

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