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.
As our second lead editor, Cindy Hamilton covers health, fitness and other wellness topics. She is also instrumental in making sure the content on the site is clear and accurate for our readers. Cindy received a BA and an MA from NYU.