Empower Retirement drives $8 billion in new sales in healthcare sector
Empower Retirement, the nation's second-largest retirement services provider,1 this year grew its sales volume, participants and assets under administration to a new high in the healthcare sector.
The firm added a number of healthcare providers this year including metro-Denver based Global Medical Response with $973 million in assets and more than 39,500 participants; California-based Children's Hospital of Orange County with $314 million in assets and more than 4,000 participants; and Washington-based MultiCare Health Care System with almost 28,000 participants and $1 billion in assets.
In 2019, Empower will add more than $3 billion in defined contribution assets in the healthcare sector and serve 78,000 new healthcare professionals as retirement plan participants. Sales were driven by many factors including Empower's deep expertise in engagement of participants in healthcare services and its offering of strategies in overall financial wellness and education tailored to the healthcare professionals. Already the firm has more than $5 billion in commitments from healthcare providers in 2020.
"Nobody is more deserving of retirement success than those who are dedicated to the health and wellness of others. They make a real difference in the lives of their patients and colleagues every single day," said Edmund F. Murphy III, President and CEO of Empower Retirement. "Our knowledge and experience in this market makes us uniquely qualified to support our healthcare professionals and directly address workplace savings plan challenges specific to healthcare providers."
The firm has doubled the number of healthcare clients each year for the past three years. These plans cover healthcare systems, physicians' offices, nursing and residential care facilities, and ambulatory health care services.
Empower manages retirement plans for more than 5,720 hospitals, medical centers, physician groups and other health and wellness organizations.
About Empower Retirement
Headquartered in metro Denver, Empower Retirement administers $665 billion in assets for more than 9.4 million retirement plan participants, as of Sep. 30, 2019. It is the nation's second-largest retirement plan record keeper by total participants (Pensions & Investments, April 2018). Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, midsize and large corporate 401 (k) clients; non-profit 403 (b) entities; private-label recordkeeping clients; and Individual Retirement Account customers. In April, the company was named by career website Zippia the "Best Company to Work for in Colorado." For more information please visit www.Empower-retirement.com.
1Information refers to all retirement business of Great-West Life & Annuity Insurance Company and its subsidiaries and affiliates, including Great-West Life & Annuity Insurance Company of New York, marketed under Empower Retirement brand. Ranking based on total participant accounts as of March 31, 2019. Source, Pensions & Investments, 2019 Defined Contribution Survey Rankings as of March 31, 2019.
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