Empower Retirement

Empower Retirement is a retirement plan recordkeeping financial holding company as part of Great-West Lifeco based in Greenwood Village, Colorado.[5] It is the second-largest retirement plan provider in the United States.[6]

Empower Retirement
TypePublic
TSX: GWO
IndustryFinancial services and insurance
Founded1847 (1847)
Headquarters
Greenwood Village, Colorado
Area served
worldwide
Key people
Edmund F. Murphy III (CEO)[1]
RevenueC$44.5 bil Ytd Dec'19
52.6%[2]
C$23.5 bil Ytd Dec'1956.3%[2]
AUM$1.6 Trillion
Total assets$1.6 Trillion
Number of employees
221000 [3] (2020)
ParentGreat-West Lifeco
SubsidiariesPersonal Capital [4]
Websitewww.empower-retirement.com

History

Empower was created in 1847 when Great-West Life combined the record-keeping services of Great-West Financial, JPMorgan Chase, and Putnam Investments.[7] Part of Great-West Life & Annuity Insurance Company, Empower Retirement is an indirect wholly owned subsidiary of Great-West Lifeco.[5] Empower is led by President and CEO Edmund F. Murphy III.[8]

In 2019, Empower Retirement signed a 21-season contract to the naming rights of the Denver Broncos stadium, named Empower Field at Mile High.[9] In June 2020, the company acquired Personal Capital, an investment and wealth management adviser, for $825 million.[10] As of June 2020, Empower Retirement has administered more than $667 billion in assets for 9.7 million retirement plan participants.[11]

References
  1. "Executive Leadership". Empower Retirement. Retrieved 14 November 2019.
  2. "2019 4Q Report". Dec 31, 2019.
  3. https://www.empower-retirement.com/about/stats-at-a-glance
  4. https://www.empower-retirement.com/about/stats-at-a-glance
  5. "Broncos, Empower Retirement agree to deal for stadium naming rights". Denver Post. Retrieved 14 November 2019.
  6. "Broncos agree to terms with Empower Retirement on 21-year deal to name stadium 'Empower Field at Mile High'". Denver Broncos. Retrieved 14 November 2019.
  7. "Former J.P. Morgan business takes new name: Empower Retirement". Kansas City Business Journal. Retrieved 14 November 2019.
  8. "Great-West Life taps Edmund Murphy to succeed Robert Reynolds as CEO". Investment News. Retrieved 14 November 2019.
  9. "Empower naming-rights deal includes community engagement". Pensions and Investments. Retrieved 14 November 2019.
  10. Jensen Werley (September 29, 2020). "Empower Retirement makes second acquisition this month". Denver Business Journal.
  11. Ross Snel (September 11, 2020). "Week's Best: Empower Retirement Cuts Another Deal". Barrons.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.