Empower Retirement

Empower Retirement
Name	Empower Retirement
Type	Private
Industry	Financial services
Founded	2014 (brand); predecessor firms date to 1974
Headquarters	Greenwood Village, Colorado, United States
Area served	United States
Key people	Edmund F. Schlossberg (CEO), William S. Foley (Chair)
Products	Retirement plans, 401(k), IRA, recordkeeping, investment management, participant services
Assets	Over $1.2 trillion (AUA/AUM, 2025 estimate)
Owner	Permira, Massachusetts Mutual Life Insurance Company, others
Employees	Approx. 12,000 (2024)

Empower Retirement is a major United States retirement services provider offering defined contribution plan recordkeeping, individual retirement accounts, plan consulting, and wealth management. The company evolved through consolidation of legacy firms and acquisitions to become one of the largest retirement plan recordkeepers, serving employers, participants, advisors, and institutions. Its operations intersect with major financial firms, pension systems, and regulatory agencies in the American retirement landscape.

History

The firm traces roots to acquisition activity involving legacy institutions such as Massachusetts Mutual Life Insurance Company, Jackson National Life Insurance Company, and recordkeepers originating in the 1970s and 1980s. Throughout the 1990s and 2000s consolidation among firms including Great-West Lifeco, Putnam Investments, DST Systems, and Aetna reshaped the corporate map that led to the emergence of the current firm. Significant corporate milestones include private equity involvement by firms such as Permira, strategic partnerships with Invesco, and transactions with TIAA and American International Group. Leadership transitions have featured executives previously affiliated with Fidelity Investments, Vanguard Group, and Charles Schwab Corporation, reflecting cross-industry movement among major retirement services executives.

Services and Products

The company provides a spectrum of retirement and investment services similar to those offered by Vanguard Group, Fidelity Investments, and T. Rowe Price Group. Core offerings include 401(k) plan recordkeeping, Individual Retirement Accounts (IRAs), Roth accounts, defined benefit administration, plan sponsor consulting, fiduciary services, advice platforms, and managed account solutions. Investment lineups encompass mutual funds and collective investment trusts from managers such as BlackRock, State Street Global Advisors, J.P. Morgan Asset Management, Goldman Sachs Asset Management, and Franklin Templeton. Participant services integrate call centers, digital portals, mobile applications, and financial wellness programs comparable to offerings from Prudential Financial and MetLife. The company also collaborates with independent broker-dealers, registered investment advisors associated with Cerulli Associates reports, and third-party administrators typical in the retirement ecosystem.

Corporate Structure and Ownership

Ownership has involved a mix of private equity, strategic insurers, and institutional investors. Major stakeholders have included Permira, MassMutual (Massachusetts Mutual Life Insurance Company), and other financial sponsors who joined through leveraged acquisitions and minority investments. The corporate governance board has featured directors with prior service at JPMorgan Chase, Wells Fargo, Bank of America, and large asset managers. Executive leadership has been recruited from firms such as Fidelity Investments, TIAA-CREF, and Charles Schwab Corporation, while the company maintains regional offices in financial centers akin to Denver, Jacksonville, and Tampa.

Financial Performance and Assets Under Management

Financial disclosures and industry reports place the firm among the largest U.S. retirement recordkeepers by assets under administration (AUA) and assets under management (AUM). Industry trackers from Investment Company Institute-style analyses and consulting firms such as Cerulli Associates and McKinsey & Company have documented growth driven by workplace plan wins, rollovers, and acquisition of plan portfolios from competitors like Principal Financial Group and Nationwide. Reported AUA figures have exceeded nine-figure and into the trillions in aggregate, positioning the firm alongside Vanguard Group, Fidelity Investments, and Charles Schwab Corporation in scale. Revenue sources include recordkeeping fees, advisory fees, investment management revenue, and administration charges typical in the sector.

Regulatory and Legal Issues

As a major retirement services provider, the company operates within regulatory frameworks enforced by agencies including the U.S. Securities and Exchange Commission, the U.S. Department of Labor, and state insurance regulators such as the Colorado Department of Regulatory Agencies. The industry has faced scrutiny over fee disclosure, fiduciary duty, plan governance, and recordkeeping practices; comparable enforcement actions have involved firms like Vanguard Group, Fidelity Investments, and T. Rowe Price Group. Litigation and regulatory inquiries in the sector frequently address ERISA fiduciary standards, class actions concerning plan fees, and contract disputes with plan sponsors or participants. The company has managed compliance programs, engaged external counsel from major firms with experience before the United States Court of Appeals for the Tenth Circuit and district courts, and adjusted plan offerings and disclosures in response to regulatory guidance.

Corporate Social Responsibility and Community Engagement

Corporate responsibility initiatives mirror those of large financial institutions such as Goldman Sachs, Morgan Stanley, and JPMorgan Chase with programs in financial wellness, retirement education, workforce development, and philanthropy. Partnerships with nonprofit organizations, employee volunteer programs, and grant-making efforts have targeted underserved communities and veteran support groups resembling collaborations seen with AARP Foundation, Feeding America, and regional community foundations. Environmental, social, and governance (ESG) considerations inform product development and investment stewardship practices, aligning with frameworks referenced by entities like Principles for Responsible Investment signatories and stewardship codes advocated by Institutional Shareholder Services-type organizations.

Category:Financial services companies of the United States