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First steps in retirement planning – for all Americans
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Empower Retirement, the nation’s second-largest provider of retirement services
1, is crediting the success of its clients, plan advisors and retirement investors as key factors in the company’s growth.
On January 31, Empower’s assets under administration rose above $1 trillion
2 for the first time in the company’s history. When Empower was formed in the autumn of 2014 through a three-part merger of legacy retirement businesses assets under administration were about $400 billion. Today, Empower serves the needs of 12 million retirement plan participants
3, 67,000 employer-sponsored retirement plans and works with approximately 40,000 advisors.
Empower has created scale through a combination of multi-year organic sales growth and acquisitions, including the 2020 purchases of the MassMutual retirement plan business and Personal Capital.
Ascensus, Empower acquire Truist record-keeping business
Print
Ascensus and Empower Retirement said Wednesday they purchased Truist Financial Corp. s institutional 401(k) record-keeping businesses, while OneDigital Investment Advisors announced its purchase of Truist s institutional 401(k) investment advisory services business.
Truist, one of the nation s largest commercial banks, was launched in 2019 after the merger of BB&T and SunTrust banks.
The Truist business acquired by Ascensus covers more than 1,200 plans with about 125,000 participants and $5 billion in assets. Ascensus will serve as the record keeper for the heritage BB&T plans as well as the plans for which it currently serves as outsourced record keeper.