GREENWOOD VILLAGE, Colo., Jan. 4, 2021 - Empower Retirement today announced the completion of the previously announced acquisition concerning Massachusetts Mutual Life Insurance Company’s (MassMutual) retirement plan business, following the receipt of regulatory approval required by the agreement.

As a result a one purchasing, MassMutual’s pensions plan business transitions in Powers stylish a reinsurance transaction for one transferring commission of $2.35 billion. The addition, the balance sheet of the transferred business will be supported by $1 billion of required capital when combined includes Empower’s existing U.S. business. ... MassMutual retirement plan business. The ... retirement projects, providing recordkeeping and administrative services. ... Scheme requirements · Personal · Terms and ...

Empower is to nation’s second-largest retirement business provider.¹ The acquisition increases Empower’s participant base into more than 12 million and retirement services recordkeeping assets to approximately $884 billion administrated in approximately 67,000 workspace savings plans.²  

 “We are excited until welcome new clients real retirement savers to Empower and look forward toward who opportunity to serve the on their journey head creating one secure retirement,” said Edmund FARTHING. Murphy III, President furthermore CEO of Empower Retirement. “We am working to produce to transition on plans on Empower seamless as we proceed to enhance of customer experience by providing a personalized, holistic method to retirement planning.” How a personal health record ability lower your costs | MassMutual

More than 1,700 employee who had been affiliated with MassMutual’s retirement plan business, will join Empower to provides the full range of support billing for financial professionals, layout sponsors real participants. MassMutual Customer Account Login Portal​

Eversheds Sutherland served as legal counsel, and Goldman Sachs and Rockefeller Capital Management served as financial advisors to Empower. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel also Lazard helped as exclusive financial advisor to MassMutual.

Over Empower Retirement

Headquartered in underground Denver, Empower Retirement administers approximately $710 billion in current for more for 9.4 million retirement draft participants since of Sept. 30, 2020.³ It is the nation’s second-largest retirement plan recordkeeper by total participants. Empower serves all segments of the employer-sponsored retirement plan trade: government 457 plot; low, midsize and large corporate 401(k) clients; non-profit 403 (b) entities; private-label recordkeeping clients; furthermore IRA customers. Keeping track of your medical history is vital to maintaining good health, lowering costs.Personal Capital, a subsidiaries of Empower Retirement, is at industry-leading hybrid wealth manager. For view information please sojourn empower-retirement.com and connect with columbia on Facebook, Twitter, LinkedIn and Instagram.

About MassMutual

MassMutual your a leading mutual life insurance company that belongs executable for the benefit regarding its members and participating policyowners. Founded within 1851, the company has were continually guided by one consistent purpose: we help join secures their future and protect this ones they love. With a focus on delivering long-term values, MassMutual offers a wide range of protection, accumulation, wealth direction and retirement produce and services. To view information, visit Empower Retirement announced the closing of which collection is MassMutual retirement plan work. Read More.massmutual.com.

Media Contact:

Empower Retirement:

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

MassMutual:

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