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

Introduction

In a strategic move to bolster its retirement plan services, Empower Retirement has announced its agreement to acquire Milliman’s Retirement Administration business. This acquisition is significant as it not only expands Empower's service capabilities but also strengthens its competitive position in the retirement services market.

Deal Summary

Empower Retirement has entered into a definitive agreement to purchase Milliman’s Retirement Administration business, a recognized provider of retirement plan administration and consulting services. This acquisition is designed to enhance Empower’s offerings, providing a broader range of services aimed at improving the retirement plan experience for both sponsors and participants.

Key individuals involved in this transaction include Ed Murphy, president and CEO of Empower, who expressed enthusiasm for the deal, highlighting the added value it will bring to clients through Milliman's established expertise. The transaction is expected to close in the third quarter of 2022, pending customary closing conditions and regulatory approvals.

Buyer Profile

Empower Retirement is a leading retirement services provider in the United States, catering to millions of participants and thousands of plan sponsors. The firm is dedicated to helping individuals achieve their retirement goals through innovative solutions and a strong customer service focus. This acquisition aligns with Empower's strategic vision to continuously enhance its service offerings in the retirement sector.

In recent months, Empower has also been involved in several notable transactions, further positioning itself within the industry. These include:

• The acquisition of a significant asset management firm to diversify its investment offerings.
• Partnerships with fintech companies to enhance digital service delivery for retirement plan participants.
• Investments in technology that improve the efficiency and effectiveness of retirement plan administration.

Conclusion

This acquisition of Milliman’s Retirement Administration business by Empower Retirement represents a pivotal moment in the ongoing consolidation trend within the retirement services industry. For investors, this deal signifies Empower's strategic commitment to enhancing its service capabilities and improving client satisfaction, ultimately reinforcing its market position as a leader in retirement solutions.