Empower Retirement is a prominent retirement services provider in the United States, known for offering a comprehensive range of retirement planning products and services. As of my last update in April 2023, here’s a brief overview of Empower Retirement, including its offerings, market position, and some key features.
Background and Market Position
- Established: Empower Retirement was formed following the acquisition of several large retirement service providers, including the retirement business of J.P. Morgan and the Great-West Financial retirement division. It has rapidly grown to become one of the largest retirement service providers in the U.S.
- Headquarters: The company is headquartered in Greenwood Village, Colorado.
- Market Reach: Empower Retirement serves a wide range of clients, including public sector entities, corporations, non-profit organizations, and individual investors. It manages hundreds of billions of dollars in assets for millions of participants across the country.
Services and Offerings
- Retirement Plans: Empower Retirement offers a variety of retirement plans, including 401(k), 403(b), 457 plans, and IRA products. These services are designed to meet the needs of both employers sponsoring these plans and the individual participants saving for retirement.
- Investment Management: The company provides investment management services and advice, helping participants to make informed decisions about their retirement savings. This includes offering proprietary investment options as well as a wide range of mutual funds and other investment vehicles from various asset managers.
- Technology and Tools: Empower Retirement is known for leveraging technology to enhance the retirement planning experience. They offer an intuitive online platform and mobile app that allow participants to manage their accounts, adjust their investment choices, and access educational resources to improve their financial literacy.
- Customized Solutions: For employers, Empower offers customizable plan design, administration services, and support to help manage their retirement programs efficiently. This includes compliance support, reporting, and participant engagement strategies.
Strategic Acquisitions and Partnerships
Empower Retirement has actively pursued strategic acquisitions and partnerships to expand its services and capabilities. These moves are aimed at enhancing their technology, entering new markets, and providing a broader array of financial products to their clients.
Future Outlook
Empower Retirement continues to focus on growth and innovation in the retirement services sector. This includes expanding its digital offerings, enhancing user experience, and integrating sustainable investment options to meet the evolving needs of its clients and participants. The company’s efforts to provide comprehensive retirement solutions and personalized advice are central to its strategy to help Americans achieve their retirement goals. Visit Empower