December 7, 2022

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Empower Retirement Closes Acquisition of MassMutual Retirement Approach Business enterprise

4 min read

Empower Retirement Closes Acquisition of MassMutual Retirement Program Small business

Empower Retirement nowadays declared the completion of the previously announced acquisition of Massachusetts Mutual Life Insurance plan Company’s (MassMutual) retirement prepare business, following the receipt of regulatory approval essential by the settlement.

As a final result of the acquisition, MassMutual’s retirement program small business transitions to Empower in a reinsurance transaction for a ceding commission of $2.35 billion. In addition, the stability sheet of the transferred business will be supported by $1 billion of needed funds when put together with Empower’s current U.S. organization.

Empower is the nation’s second-biggest retirement solutions supplier.1 The acquisition boosts Empower’s participant base to additional than 12 million and retirement products and services recordkeeping property to roughly $884 billion administered in roughly 67,000 workplace cost savings options.2

“We are excited to welcome new clients and retirement savers to Empower and glimpse ahead to the prospect to serve them on their journey toward producing a secure retirement,” explained Edmund F. Murphy III, President and CEO of Empower Retirement. “We are doing the job to make the transition of plans to Empower seamless as we continue on to boost the shopper encounter by delivering a customized, holistic tactic to retirement setting up.”

Extra than 1,700 staff who experienced been affiliated with MassMutual’s retirement strategy company will sign up for Empower to provide the complete vary of assistance solutions for money professionals, approach sponsors and individuals.

Eversheds Sutherland served as authorized counsel, and Goldman Sachs and Rockefeller Funds Administration served as monetary advisors to Empower. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel and Lazard served as special financial advisor to MassMutual.

About Empower Retirement

Headquartered in metro Denver, Empower Retirement administers roughly $710 billion in belongings for far more than 9.4 million retirement plan contributors as of Sept. 30, 2020.3 It is the nation’s second-greatest retirement plan recordkeeper by whole contributors. Empower serves all segments of the employer-sponsored retirement plan marketplace: authorities 457 options compact, midsize and significant corporate 401(k) customers non-profit 403 (b) entities personal-label recordkeeping clients and IRA shoppers. Private Cash, a subsidiary of Empower Retirement, is an sector-foremost hybrid wealth supervisor. For more information and facts be sure to go to empower-retirement.com and link with us on Facebook, Twitter, LinkedIn and Instagram.

About MassMutual

MassMutual is a top mutual life coverage organization that is operate for the gain of its customers and participating policyowners. Founded in 1851, the enterprise has been frequently guided by one particular constant function: we enable people protected their potential and defend the kinds they adore. With a emphasis on providing extended-expression benefit, MassMutual presents a large variety of security, accumulation, wealth management and retirement merchandise and companies. For far more information and facts, go to massmutual.com.

1)

Pensions & Investments 2020 Described Contribution Survey Rating as of April 2020.

2)

Believed joint property beneath administration of Empower Retirement and MassMutual.

3)

As of Sept. 30, 2020. Information refers to the company of Wonderful-West Daily life & Annuity Coverage Organization and its subsidiaries, together with Excellent-West Lifetime & Annuity Insurance Firm of New York and GWFS Equities, Inc. GWLA’s consolidated total assets beneath administration (AUA) have been $709.9B. AUA is a non-GAAP measure and does not replicate the financial steadiness or toughness of a enterprise. GWLA’s statutory belongings total $54.8B and liabilities full $51.8B. GWLANY statutory property whole $1.69B and liabilities complete $1.57B.

Securities provided and/or dispersed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is an affiliate of Empower Retirement, LLC Excellent-West Cash, Inc. and registered expenditure advisers, Suggested Belongings Group, LLC and Individual Capital. This product is for informational functions only and is not supposed to offer expense, legal or tax tips or advice. RO1464090-1220

Forward-Searching STATEMENTS DISCLAIMER

Particular statements in this push launch constitute ahead-on the lookout statements, representing management’s recent view of long term gatherings primarily based on acceptable assumptions. These statements are not ensures of foreseeable future general performance, as real benefits may well vary dependent on the improvement and completion of this company blend. Take into account these and other aspects, uncertainties and probable events meticulously and do not spot undue reliance on forward-seeking information. Other than as specifically essential by applicable regulation, forward-hunting details as a end result of new info, long term functions or if not will not be up-to-date.

Productive on the closing date of the transaction, Empower Retirement (“Empower”) acquired the Massachusetts Mutual Life Insurance Company’s (“MassMutual”) retirement organization. Via this transaction, business penned by MassMutual is reinsured by Terrific-West Lifetime & Annuity Insurance policies Organization (“GWL&A”), and in New York by Terrific-West Lifestyle & Annuity Insurance coverage Company of New York. Concurrently, MassMutual retroceded business enterprise it reinsures from a cedent, which MassMutual assumed in a former transaction. On the closing day of the transaction, Empower will administer the organization on MassMutual’s behalf, with selected administrative companies being done by MassMutual and its affiliate marketers during a short term changeover time period. In addition, GWFS Equities, Inc., will be the distributor of the MassMutual insurance coverage merchandise sold on Empower’s platform. Empower Retirement refers to the products and solutions and solutions offered by GWL&A and its subsidiaries. GWFS Equities is a subsidiary of GWL&A and an affiliate of Empower Retirement, LLC Wonderful-West Funds, Inc. and registered financial investment advisers, Encouraged Belongings Group, LLC and Private Funds. Empower is not affiliated with MassMutual or its affiliate marketers.

Empower Retirement:

Stephen Gawlik, [email protected], 617-417-4408

MassMutual:

Chelsea Haraty, [email protected], 413-744-4062

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