Empower Retirement is owned by Great-West Lifeco, a Canadian insurance and financial services holding company that is itself majority controlled by Power Corporation of Canada.
Empower Retirement is owned by Great-West Lifeco, a Canadian financial holding company, making Empower an indirect wholly owned subsidiary rather than an independently traded public company.
The Empower brand does not trade on any stock exchange under its own ticker, since ownership sits several layers up the Great-West Lifeco corporate structure.
Great-West Lifeco is majority controlled by Power Corporation of Canada through its Power Financial subsidiary, linking Empower to one of Canadas largest financial conglomerates.
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Is Empower Retirement Publicly Traded or Privately Owned?
Empower Retirement itself is privately held and does not issue its own publicly traded shares to investors.
Its ultimate parent, Great-West Lifeco, is a publicly traded company listed on the Toronto Stock Exchange under the ticker GWO.
This structure is common among large retirement and insurance providers, similar to how Mutual of Omaha operates as part of a larger insurance group rather than trading its own shares.
What Company Owns Empower Retirement?
Great-West Lifeco is the direct corporate parent of Empower, overseeing its retirement, workplace savings and personal wealth businesses in the United States.
Great-West Lifeco is a diversified insurance and financial services group headquartered in Winnipeg, Canada, with operations in life insurance, health coverage, wealth management and retirement services across North America and Europe. See Great-West Lifeco on Wikipedia for its corporate history.
The company traces its roots to 1891 and has grown through decades of acquisitions into one of Canadas largest financial institutions.
Power Corporation of Canada, a Montreal based holding company controlled by the Desmarais family, holds a controlling interest in Great-West Lifeco through Power Financial Corporation.
Who Is the CEO of Empower?
Edmund F. Murphy III serves as President and Chief Executive Officer of Empower, leading the companys retirement services, investments and personal wealth divisions.
Murphy has overseen Empowers rapid expansion into the second largest retirement plan recordkeeper in the United States, following a string of major acquisitions.
How Was Empower Formed?
The modern Empower brand launched in 2014 after Great-West Life combined its retirement business with recordkeeping operations acquired from JPMorgan Chase and Putnam Investments, a history documented on Wikipedia.
This consolidation created a single national retirement services platform under one brand, replacing the separate Great-West Retirement Services name used previously.
The Empower name was chosen to reflect the companys mission of helping individuals and organizations build financial security through workplace retirement plans.
How Has Empower Grown Through Acquisitions?
Empower expanded significantly between 2020 and 2022 through a series of large acquisitions that reshaped the retirement industry landscape.
In 2020, Empower acquired the digital wealth management platform Personal Capital for roughly 825 million dollars, later rebranding it as Empower Personal Wealth.
That same year, Empower purchased the retirement business of MassMutual for about 4.4 billion dollars, along with recordkeeping operations from Fifth Third Bank and Truist.
In April 2022, Empower acquired Prudential Financials full service retirement business, further cementing its position as one of the largest recordkeepers in the country.
What Services Does Empower Offer?
Empower provides retirement plan recordkeeping and administration for 401(k), 403(b) and government 457 plans used by employers of all sizes.
Through Empower Personal Wealth, the company also offers financial planning, investment advisory and wealth management services for individual investors.
Empower administers retirement accounts for tens of millions of participants and works with tens of thousands of employer plan sponsors across the country.
Is Empower Retirement Worth Using?
Empower is generally well regarded as a retirement plan provider due to its scale, financial backing from Great-West Lifeco and broad investment lineup.
Employers often choose Empower because of its integrated recordkeeping, participant education tools and digital account management platform.
Fees vary by individual employer plan design, so participants should compare investment expense ratios and advisory fees before opting into managed account services.
Overall, Empower compares favorably to other insurance backed retirement providers such as Northwestern Mutual, which similarly relies on a large parent balance sheet to support its financial promises.
Where Is Empower Headquartered?
Empowers U.S. operations are headquartered in Greenwood Village, Colorado, with additional offices supporting retirement plan administration nationwide.
The company also holds naming rights to Empower Field at Mile High, home stadium of the Denver Broncos, under a 21 season agreement signed in 2019.
Frequently Asked Questions About Empower Retirement
Is Empower the same as Great-West Life?
Empower is the U.S. retail retirement and wealth brand used by Great-West Life and Annuity Insurance Company, a subsidiary of the Canadian parent Great-West Lifeco.
Is Empower a good 401k provider?
Empower is widely regarded as a reputable, well capitalized recordkeeper given its scale and backing, though plan fees and investment options should be compared before enrolling.
How do I contact Empower customer service?
Empower participants can reach customer support through the phone number and secure message center listed on their individual account login page at empower.com.
Is my money safe with Empower?
Retirement assets held through Empower are typically invested in mutual funds and securities held in trust, separate from Empowers own corporate balance sheet, and protected by standard industry safeguards.
What Companies Use Empower for Retirement Plans?
Empower serves employer sponsored retirement plans across corporate, government, education and nonprofit sectors, including many Fortune 500 companies and public sector agencies.
Plan sponsors choose Empower for its recordkeeping technology, participant call center support and integration with payroll systems used by human resources departments.
Individual investors also use Empower Personal Wealth directly, outside of an employer plan, for retirement planning, budgeting tools and managed investment accounts.
Because Empower now ranks among the largest recordkeepers nationally, many workers encounter the brand automatically when they change jobs and their old employer plan is administered through Empower.
Empower reported record earnings growth in recent years as retirement plan assets under administration continued climbing alongside rising equity markets and steady employer plan sign ups.
Because Great-West Lifeco operates internationally, Empower also benefits from a well capitalized parent that maintains investment grade credit ratings, giving employers additional confidence when selecting a recordkeeper.
I am Jack Neel, a mechanical engineer, researcher, and writer. I created this website to share my knowledge about different brands and products with you. I research the manufacturers behind the brands and provide you with the information you need to make smart buying decisions.