State of Illinois Selects Empower as Retirement Provider for Its State Employees
Empower announced today that the State of Illinois has chosen the nation's second-largest retirement plan recordkeeper1 to manage its 457(b) retirement plan for its approximately 62,000 state employees. The plan has approximately $4.9 billion in assets.2
The State of Illinois Employees' Deferred Compensation plan, overseen by the Illinois State Board of Investment and administered by the Illinois Department of Central Management Services, transitioned to Empower July 1, 2022.
"We are so grateful to have the opportunity to provide state employees across Illinois with the tools and solutions to help them along their financial journey," said Dan Morrison, senior vice president of government markets at Empower. "Public employees have very unique roles, and we believe their approach toward successful retirement planning should be unique as well."
Empower is one of the largest providers of government 457 retirement plans in the country, serving entities across states, cities, counties, municipalities, associates, territories and special districts (such as transit and utility) as well as police and fire departments.
"Empower's track record as a recordkeeper that prioritizes advanced technology and client service made them a standout candidate for plan recordkeeper," said Johara Farhadieh, executive director and chief investment officer of the Illinois State Board of Investment. "We believe their innovative platform will add valuable capabilities and resources for our participants, and we're excited to begin this new partnership."
Headquartered in metro Denver, Empower administers approximately $1.4 trillion in assets3 for more than 17 million retirement plan participants3 and is the nation's second-largest retirement plan recordkeeper by total participants.1 Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, mid-size and large corporate 401(k) clients; nonprofit 403 (b) entities; private-label recordkeeping clients; and IRA customers. Persnal Capital, a subsidiary of Empower, is an industry-leading hybrid wealth manager. For more information please visit empower.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.
1 Pensions & Investments 2020 Defined Contribution Survey Ranking as of April 2021.
2 As of July 2022.
3 As of April 1, 2022. Information refers to all retirement business of Great-West Life & Annuity Insurance Company (GWLA) and its subsidiaries, including Empower Retirement, LLC; Great-West Life & Annuity Insurance Company of New York (GWLANY); and Prudential Retirement Insurance & Annuity Company (PRIAC), marketed under the Empower brand. Assets represents the estimated consolidated pro forma assets under administration (AUA) of Empower and the full-service retirement business of Prudential Financial, Inc., as of March 31, 2022. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. As of March 31, 2022, GWLA's statutory assets total $78.9B and liabilities total $75.2B, GWLANY's statutory assets total $4.32B and liabilities total $4.02B, and PRIAC's statutory assets total $100.329B and liabilities total $98.793B.
Securities, when presented, are offered and/or distributed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is an affiliate of Empower Retirement, LLC; Great-West Funds, Inc.; and registered investment adviser, Advised Assets Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice.
Empower refers to the products and services offered by GWLA and its subsidiaries, including Empower Retirement, LLC. Empower is not affiliated with Prudential or its affiliates. All product names, logos and brands are property of their respective owners. "EMPOWER," "EMPOWER RETIREMENT," and all associated logos and product names are trademarks of GWLA. Prudential and all associated logos are registered trademarks owned by The Prudential Insurance Company of America and are used under license.RO2317458-0822
To learn more about how we're empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.