Empower Retirement posts $110 billion in new-client sales

Empower Retirement, a retirement services provider, recorded record retirement plan sales of $110 billion for its fiscal year ended Sept. 30.

The sum represents new-client commitments in the 401(k), 457(b) and 403(b) defined-contribution plans it offers for corporate, government and not-for-profit employers, Empower said in a release.

In the large and mega market (plans with more than $50 million in assets), Empower said it signed 64 new corporate clients, 130 new public plan clients and 15 not-for-profit clients. It also added more than 3,200 adviser-sold clients that have less than $50 million in assets.

Empower, which administers $667 billion in assets for more than 9.7 million plan participants, is the nation’s second-largest retirement plan record keeper by total participants and the amalgam of the retirement companies of Great-West Financial, Putnam Investments and JP Morgan Retirement Plan Services.

Last month, Empower announced plans to acquire the retirement businesses of MassMutual and Fifth Third Bank.

[More: 401(k) record keepers near final stage of ‘consolidation curve’]

The post Empower Retirement posts $110 billion in new-client sales appeared first on InvestmentNews.

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