Empower Annuity Insurance Company of America is a retirement plan recordkeeping financial holding company based in

Greenwood Village, Colorado The City of Greenwood Village is a List of municipalities in Colorado#Home rule municipality, home rule municipality located in Arapahoe County, Colorado, Arapahoe County, Colorado, United States. The city population was 15,691 at the 2020 Unit ...

, United States. It is the second-largest retirement plan provider in the United States.

History

Empower was created in 1891, when parent company

Great-West Lifeco Great-West Lifeco Inc. is a Canadian insurance-centered financial holding company that operates in North America (Canada and United States), Europe and Asia through five wholly owned, regionally focused subsidiaries. Many of the companies it has ...

was founded as an insurance provider on the Canadian prairie. After serving more than a century of expansion and a profound evolution of service offerings, the modern iteration of Empower was launched in 2014, when the retirement businesses of Great-West Life combined the record-keeping services of Great-West Financial,

JPMorgan Chase JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational financial services, finance corporation headquartered in New York City and incorporated in Delaware. It is List of largest banks in the United States, the largest ba ...

, and

Putnam Investments Putnam Investments is an investment management firm founded in 1937 by George Putnam, who established one of the first balanced mutual funds, The George Putnam Fund of Boston. Headquartered in Boston, Massachusetts, it has offices in London, To ...

. Part of Great-West Life & Annuity Insurance Company, Empower is an indirect wholly owned subsidiary of

. Empower is led by President and CEO Edmund F. Murphy III. In 2019, Empower signed a 21-season contract to the naming rights of the

Denver Broncos The Denver Broncos are a professional American football team based in Denver. The Broncos compete in the National Football League (NFL) as a member of the American Football Conference (AFC) AFC West, West division. The team is headquartered in E ...

stadium, which is named

Empower Field at Mile High Empower Field at Mile High is an American football stadium in Denver, Colorado. Its primary tenant is the Denver Broncos of the National Football League (NFL). It opened in 2001 to replace the Broncos' original home, the old Mile High Stadium. T ...

. In June 2020, the company announced its acquisition of

Personal Capital Personal Capital is an online financial advisor and personal wealth management company headquartered in Redwood Shores, CA with offices in San Francisco, CA, Denver, CO, Dallas, TX and Atlanta, GA. History Personal Capital was founded by Bil ...

, an investment and wealth management adviser, for $825 million. As of June 2020, Empower has administered more than $1.0 trillion in assets for 12.0 million individuals over 67,000 Organization retirement plan participants. In September 2020, the company also acquired the retirement plan business of

MassMutual The Massachusetts Mutual Life Insurance Company, also known as MassMutual, is a Springfield, Massachusetts-based life insurance company. MassMutual provides financial products such as life insurance, disability income insurance, long term car ...

for $4.4 billion. Empower acquired the heritage

SunTrust SunTrust Banks, Inc. was an American bank holding company with SunTrust Bank as its largest subsidiary and assets of US$199 billion as of March 31, 2018. The bank's most direct corporate parent was established in 1891 in Atlanta, where it was h ...

401(k) recordkeeping business, which includes approximately 300 retirement plans consisting of more than 73,000 plan participants and $5 billion in plan assets. On September 29, 2020, Empower announced that it would acquire the retirement plan recordkeeping business of

Fifth Third Bank Fifth Third Bancorp is a bank holding company headquartered in Cincinnati, Ohio. It is the parent company of Fifth Third Bank (5/3 Bank), which operates 1,100 branches and 2,400 automated teller machines, which are located in 11 states: Oh ...

. February 1, 2022, "Empower" replaced "Empower Retirement" as the company's public-facing brand name. April 4, 2022 Empower acquired

Prudential Financial Prudential Financial, Inc. is an American financial services company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both Investor#Retail_investor, retail and institutional cus ...

’s full service retirement.

Companies

References

External links

* {{Power Corp Financial services companies of the United States Companies based in Greenwood Village, Colorado American subsidiaries of foreign companies Financial services companies established in 1891 Retirement plans in the United States 1891 establishments in Colorado 1891 establishments in the United States Companies established in 1891 Financial services American companies established in 1891