July 12, 2024

error page

Business is my step

Empower Retirement Closes Acquisition of MassMutual Retirement Strategy Organization

4 min read
Empower Retirement Closes Acquisition of MassMutual Retirement Strategy Organization
Empower Retirement Closes Acquisition of MassMutual Retirement Strategy Organization

GREENWOOD VILLAGE, Colo.–(Enterprise WIRE)–Jan 4, 2021–

Empower Retirement nowadays declared the completion of the previously announced acquisition of Massachusetts Mutual Everyday living Insurance policies Company’s (MassMutual) retirement plan business, pursuing the receipt of regulatory approval expected by the settlement.

As a result of the acquisition, MassMutual’s retirement program small business transitions to Empower in a reinsurance transaction for a ceding fee of $2.35 billion. In addition, the harmony sheet of the transferred organization will be supported by $1 billion of demanded capital when mixed with Empower’s current U.S. business enterprise.

Empower is the nation’s 2nd-premier retirement providers company. 1 The acquisition will increase Empower’s participant base to more than 12 million and retirement services recordkeeping belongings to around $884 billion administered in approximately 67,000 workplace savings ideas. 2

“We are psyched to welcome new shoppers and retirement savers to Empower and look ahead to the possibility to serve them on their journey toward developing a protected retirement,” explained Edmund F. Murphy III, President and CEO of Empower Retirement. “We are operating to make the changeover of plans to Empower seamless as we carry on to increase the shopper encounter by providing a individualized, holistic solution to retirement scheduling.”

Far more than 1,700 workforce who experienced been affiliated with MassMutual’s retirement prepare business will be part of Empower to give the full assortment of guidance solutions for fiscal experts, prepare sponsors and individuals.

Eversheds Sutherland served as authorized counsel, and Goldman Sachs and Rockefeller Money Management served as economic advisors to Empower. Skadden, Arps, Slate, Meagher & Flom LLP served as authorized counsel and Lazard served as unique economical advisor to MassMutual.

About Empower Retirement

Headquartered in metro Denver, Empower Retirement administers around $710 billion in property for additional than 9.4 million retirement strategy contributors as of Sept. 30, 2020. 3 It is the nation’s 2nd-largest retirement program recordkeeper by total individuals. Empower serves all segments of the employer-sponsored retirement strategy sector: authorities 457 options compact, midsize and large company 401(k) consumers non-earnings 403 (b) entities private-label recordkeeping customers and IRA customers. Own Money, a subsidiary of Empower Retirement, is an industry-main hybrid prosperity supervisor. For a lot more facts you should pay a visit to empower-retirement.com and join with us on Facebook, Twitter, LinkedIn and Instagram.

About MassMutual

MassMutual is a major mutual everyday living insurance policies corporation that is operate for the reward of its users and collaborating policyowners. Launched in 1851, the enterprise has been continuously guided by a single consistent intent: we support folks secure their foreseeable future and defend the types they like. With a target on providing very long-phrase price, MassMutual provides a huge array of protection, accumulation, wealth administration and retirement items and expert services. For a lot more information, check out massmutual.com.




1)

Pensions &amp Investments 2020 Outlined Contribution Study Ranking as of April 2020.

2)

Approximated joint belongings below administration of Empower Retirement and MassMutual.

3)

As of Sept. 30, 2020. Details refers to the enterprise of Terrific-West Existence &amp Annuity Insurance coverage Business and its subsidiaries, like Fantastic-West Existence &amp Annuity Insurance policies Corporation of New York and GWFS Equities, Inc. GWLA’s consolidated full property below administration (AUA) were being $709.9B. AUA is a non-GAAP evaluate and does not mirror the fiscal balance or toughness of a business. GWLA’s statutory property full $54.8B and liabilities whole $51.8B. GWLANY statutory property whole $1.69B and liabilities full $1.57B.

Securities available and/or dispersed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is an affiliate of Empower Retirement, LLC Great-West Cash, Inc. and registered financial investment advisers, Recommended Assets Group, LLC and Particular Money. This material is for informational needs only and is not supposed to offer financial investment, legal or tax suggestions or suggestions. RO1464090-1220

Forward-On the lookout STATEMENTS DISCLAIMER

Specified statements in this push release represent forward-hunting statements, representing management’s present watch of upcoming situations centered on fair assumptions. These statements are not assures of future functionality, as actual results could vary based on the enhancement and completion of this organization combination. Look at these and other variables, uncertainties and opportunity situations meticulously and do not place undue reliance on ahead-seeking info. Other than as especially essential by relevant law, ahead-wanting information as a result of new information, long run functions or in any other case will not be up to date.

Productive on the closing day of the transaction, Empower Retirement (“Empower”) acquired the Massachusetts Mutual Lifestyle Insurance Company’s (“MassMutual”) retirement company. As a result of this transaction, business published by MassMutual is reinsured by Excellent-West Existence & Annuity Coverage Firm (“GWL&A”), and in New York by Wonderful-West Existence & Annuity Insurance policies Corporation of New York. Concurrently, MassMutual retroceded organization it reinsures from a cedent, which MassMutual assumed in a past transaction. On the closing day of the transaction, Empower will administer the business enterprise on MassMutual’s behalf, with sure administrative solutions becoming executed by MassMutual and its affiliate marketers all through a temporary changeover interval. Moreover, GWFS Equities, Inc., will be the distributor of the MassMutual insurance goods marketed on Empower’s system. Empower Retirement refers to the solutions and products and services offered by GWL&A and its subsidiaries. GWFS Equities is a subsidiary of GWL&A and an affiliate of Empower Retirement, LLC Good-West Funds, Inc. and registered investment decision advisers, Recommended Assets Team, LLC and Own Capital. Empower is not affiliated with MassMutual or its affiliates.

View resource edition on businesswire.com:https://www.businesswire.com/news/home/20210104005085/en/

Call: Empower Retirement:

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

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

Key phrase: UNITED STATES NORTH The us COLORADO

Market Key word: Computer software Insurance policies HUMAN Resources FINANCE CONSULTING BANKING Skilled Services Know-how

Supply: Empower Retirement

Copyright Organization Wire 2020.

PUB: 01/04/2021 08:00 AM/DISC: 01/04/2021 08:01 AM

http://www.businesswire.com/news/residence/20210104005085/en

error-page.com © All rights reserved. | Newsphere by AF themes.