Workplace Solutions added 700K participants and 12K plans

Wealth unit sees inflows up 115% year over year

GREENWOOD VILLAGE, Colo., May 08, 2025--(BUSINESS WIRE)--Empower announced today it has achieved base earnings of $255 million for the first quarter of 2025, up 13% from the same period in 2024.

The retirement services and wealth management provider added approximately $42 billion in assets under administration to its Workplace Solutions unit over the past 12 months ending March 31, 2025, which includes 700,000 new participants and 12,000 new plans.

In addition, Empower Personal WealthTM, the firm’s wealth management unit, which recognized its second anniversary this quarter, has seen net flows up 115% to $2.8 billion from this time last year, driven by retention and strong sales growth of 30% from the prior year.

Empower released results as part of a broader quarterly announcement by its parent company, Winnipeg-based Great-West Lifeco (TSX: GWO-CA). For more information on Great-West Lifeco’s first-quarter 2025 results, please see the release on firm’s website.

"Empower is presenting itself to a range of investors and employers who are coming to us in a greater degree because of our expanding capabilities, insights, and offerings," said Empower President and CEO Edmund F. Murphy III. "We are making investments in our customers’ needs like never before and they are, in turn, choosing to invest with us."

The company serves more than 19 million individuals and administers more than $1.8 trillion in assets2.

In Empower’s Workplace Solutions unit, the second-largest retirement services provider in the U.S. by plan participants1, request-for-proposal activity in the last year has been higher than any previous year across plan types, including 401(k), 457(b), and 403(b) defined contribution plans of all sizes covering corporate, government, and not-for-profit employers. The $42 billion in AUA represents funded organic sales over the last year.

As of March 31, 2025, Empower has provided retirement services to approximately 89,000 retirement plans over the past year.

New workplace clients

Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, midsize, and large corporate 401(k) clients; nonprofit 403(b) entities; Taft-Hartley plans; and private-label recordkeeping clients. Empower has approximately $56 billion in funded and committed sales for 2025, which will exceed prior full-year sales by 13%, including nine new clients with more than $1 billion in AUA.

Story Continues

The firm currently serves 29 state government plans and supports the retirement needs of more than 4 million public employees exceeding more than $252 billion in assets,* and has seen average balances of government employees increase by 7% from this time last year. Empower is the leading provider of retirement services to states and continues to gain new government clients.

Within the last year, Empower has welcomed new government clients such as the State of Maryland and the City of Anaheim, CA, and Nassau County, NY, an existing 15-year client, renewed in 2025, as did the State of New Hampshire and Contra Costa County, CA.

Expanding capabilities

Earlier in the first quarter, the firm launched new capabilities for employers sponsoring retirement plans, announcing a new consumer-directed healthcare (CDH) offering to help individuals manage their healthcare finances in conjunction with their full financial picture.

Empower Consumer-Directed Health will offer employers and individuals an array of offerings to help them make use of products and services that allow for optimization of their health and wealth benefits. Empower is now offering benefits such as health savings accounts (HSAs), flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), voluntary employees’ beneficiary association plans (VEBAs), wellness incentives, lifestyle benefits, and more.

In September 2024, Empower announced the acquisition of Plan Management Corporation (PMC), the creator of OptionTrax, a leading digital equity plan administration platform and service provider, which paved the way for the establishment of Empower Stock Plan Services.

ABOUT EMPOWER

Recognized as the second-largest retirement services provider in the U.S.1 by total participants, Empower administers approximately $1.8 trillion in assets2 for more than 19 million individuals through the provision of retirement plans, advice, wealth management, and investments. Connect with us on empower.com, Facebook, X, LinkedIn,TikTok, and Instagram.

* As of March 31, 2025.

1 Pensions & Investments DC Recordkeeper Survey (2024). Ranking measured by total number of participants as of December 31, 2023.

2 As of or for the year ended March 31, 2025. Information refers to all retirement business of Empower Annuity Insurance Company of America (EAICA) and its subsidiaries, including Empower Retirement, LLC; Empower Life & Annuity Insurance Company of New York (ELAINY); and Empower Annuity Insurance Company (EAIC), marketed under the Empower brand. Assets under Administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company.

Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. "EMPOWER" and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America.

The information contained herein is being provided for discussion purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy or sell securities. All visuals are illustrative only.

©2025 Empower Retirement, LLC. All rights reserved. RO-4483219-0525

Learn more:

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.

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Contacts

Media contacts: 
Stephen Gawlik - [email protected] 
Mandy Cassano - [email protected]