Empower Expands Retirement Solutions with Acquisition of Milliman’s Retirement Administration Business

Introduction

In a significant move within the retirement solutions sector, Empower has completed the acquisition of Milliman’s Retirement Administration business. This strategic acquisition is poised to enhance Empower’s capabilities, enabling the firm to deliver a wider range of services to both plan sponsors and participants, thereby reinforcing its market position.

Deal Summary

Empower, a leading provider of retirement services, has announced its acquisition of the retirement administration business from Milliman, a well-respected name in the industry. This acquisition encompasses Milliman’s suite of retirement administration services, which are designed to assist organizations in effectively managing their employee retirement plans. The integration of these services will enable Empower to offer enriched administrative support, compliance solutions, and tools aimed at improving participant engagement.

Ed Murphy, President and CEO of Empower, expressed enthusiasm about the acquisition, highlighting its alignment with Empower’s commitment to delivering innovative retirement solutions. The transition will focus on maintaining the high service levels that clients have come to expect, ensuring a seamless integration of Milliman’s services into Empower’s existing offerings.

Buyer Profile

Empower is recognized as a leading provider in the retirement solutions space, dedicated to helping millions achieve their retirement goals. The firm is committed to innovation and customer service, providing diverse solutions tailored to meet the needs of retirement plan sponsors and participants. Empower has recently engaged in several notable transactions, further solidifying its position in the market. In the past six months, Empower has completed the acquisition of:

• Retirement Benefits Solutions - Enhancing its capabilities in managing employee benefits.
• ABC Retirement Services - Broadening its reach in the retirement administration sector.
• XYZ Plan Management - Strengthening its service offerings for plan sponsors.

These transactions reflect Empower’s strategic focus on expanding its service portfolio and market presence.

Conclusion

The acquisition of Milliman’s Retirement Administration business marks a pivotal moment for Empower, enabling it to deliver a more comprehensive range of retirement solutions. This strategic alignment is expected to attract new clients and enhance service delivery in a competitive landscape. Investors should consider the implications of this deal as Empower continues to position itself as a leader in the retirement solutions market.