Empower Retirement Closes Acquisition of MassMutual Retirement Approach Enterprise

GREENWOOD VILLAGE, Colo.–(Organization WIRE)–Jan 4, 2021– Empower Retirement these days announced the completion of the…

GREENWOOD VILLAGE, Colo.–(Organization WIRE)–Jan 4, 2021–

Empower Retirement these days announced the completion of the beforehand announced acquisition of Massachusetts Mutual Lifetime Insurance plan Company’s (MassMutual) retirement system small business, subsequent the receipt of regulatory acceptance necessary by the agreement.

As a consequence of the acquisition, MassMutual’s retirement program business transitions to Empower in a reinsurance transaction for a ceding fee of $2.35 billion. In addition, the equilibrium sheet of the transferred business will be supported by $1 billion of needed cash when merged with Empower’s existing U.S. small business.

Empower is the nation’s 2nd-largest retirement providers service provider. 1 The acquisition raises Empower’s participant foundation to a lot more than 12 million and retirement solutions recordkeeping property to about $884 billion administered in roughly 67,000 place of work personal savings strategies. 2

“We are energized to welcome new clients and retirement savers to Empower and appear ahead to the opportunity to provide them on their journey toward developing a secure retirement,” stated Edmund F. Murphy III, President and CEO of Empower Retirement. “We are performing to make the changeover of designs to Empower seamless as we continue on to greatly enhance the consumer expertise by supplying a customized, holistic tactic to retirement setting up.”

Far more than 1,700 staff who experienced been affiliated with MassMutual’s retirement strategy company will be a part of Empower to present the complete selection of help providers for economic industry experts, strategy sponsors and participants.

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

About Empower Retirement

Headquartered in metro Denver, Empower Retirement administers roughly $710 billion in belongings for far more than 9.4 million retirement program members as of Sept. 30, 2020. 3 It is the nation’s 2nd-premier retirement approach recordkeeper by whole participants. Empower serves all segments of the employer-sponsored retirement strategy marketplace: authorities 457 ideas little, midsize and substantial corporate 401(k) clientele non-income 403 (b) entities personal-label recordkeeping customers and IRA prospects. Own Funds, a subsidiary of Empower Retirement, is an sector-main hybrid wealth supervisor. For extra information you should stop by empower-retirement.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.

About MassMutual

MassMutual is a primary mutual existence coverage company that is run for the advantage of its users and collaborating policyowners. Established in 1851, the corporation has been frequently guided by just one steady goal: we support folks safe their upcoming and guard the ones they like. With a concentration on offering prolonged-term benefit, MassMutual features a huge vary of safety, accumulation, prosperity administration and retirement goods and services. For a lot more info, pay a visit to massmutual.com.


Pensions &amp Investments 2020 Described Contribution Study Position as of April 2020.


Believed joint property underneath administration of Empower Retirement and MassMutual.


As of Sept. 30, 2020. Info refers to the small business of Wonderful-West Daily life &amp Annuity Insurance policy Company and its subsidiaries, which includes Good-West Life &amp Annuity Insurance policies Business of New York and GWFS Equities, Inc. GWLA’s consolidated whole property beneath administration (AUA) had been $709.9B. AUA is a non-GAAP evaluate and does not replicate the money security or energy of a company. GWLA’s statutory property full $54.8B and liabilities complete $51.8B. GWLANY statutory property full $1.69B and liabilities total $1.57B.

Securities available and/or dispersed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is an affiliate of Empower Retirement, LLC Fantastic-West Money, Inc. and registered investment decision advisers, Suggested Belongings Group, LLC and Personal Cash. This substance is for informational reasons only and is not meant to give expense, lawful or tax recommendations or information. RO1464090-1220


Certain statements in this push launch represent ahead-seeking statements, representing management’s current view of upcoming events primarily based on acceptable assumptions. These statements are not assures of long run functionality, as genuine benefits might vary dependent on the progress and completion of this enterprise mix. Think about these and other variables, uncertainties and probable events meticulously and do not place undue reliance on forward-searching details. Other than as precisely expected by relevant legislation, ahead-seeking information and facts as a consequence of new information, foreseeable future occasions or usually will not be up-to-date.

Powerful on the closing day of the transaction, Empower Retirement (“Empower”) obtained the Massachusetts Mutual Daily life Insurance coverage Company’s (“MassMutual”) retirement organization. By this transaction, enterprise published by MassMutual is reinsured by Good-West Everyday living & Annuity Insurance plan Organization (“GWL&A”), and in New York by Fantastic-West Existence & Annuity Insurance coverage Business of New York. Concurrently, MassMutual retroceded company it reinsures from a cedent, which MassMutual assumed in a prior transaction. On the closing date of the transaction, Empower will administer the company on MassMutual’s behalf, with specified administrative solutions becoming done by MassMutual and its affiliate marketers for the duration of a temporary transition interval. Also, GWFS Equities, Inc., will be the distributor of the MassMutual insurance coverage products and solutions marketed on Empower’s platform. Empower Retirement refers to the products and products and services supplied by GWL&A and its subsidiaries. GWFS Equities is a subsidiary of GWL&A and an affiliate of Empower Retirement, LLC Terrific-West Money, Inc. and registered expenditure advisers, Suggested Belongings Team, LLC and Private Money. Empower is not affiliated with MassMutual or its affiliate marketers.

Check out supply version on businesswire.com:https://www.businesswire.com/information/property/20210104005085/en/

Get hold of: Empower Retirement:

Stephen Gawlik,[email protected], 617-417-4408MassMutual:

Chelsea Haraty,[email protected], 413-744-4062


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Resource: Empower Retirement

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