“And Empower is getting larger,” cue the Airplane! line about Leon.
Empower announced it has completed the purchase of Prudential Financial, Inc.’s retirement plan business.
The $3.5 billion purchase expands Empower’s services to more than 17.1 million retirement plan participants with $1.4 trillion in assets under administration on behalf of approximately 71,000 clients. The transaction also includes more than 1,800 employees, some of them will probably end up on waivers (sorry that’s reality).
As part of the deal, Empower bought Prudential’s defined contribution, defined benefit, non-qualified, and rollover IRA business in addition to its stable value and separate account investment products and platforms.