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Empower Retirement to acquire retirement plan business of MassMutual

Christian Fernsby ▼ | September 9, 2020
Empower Retirement and Massachusetts Mutual Life Insurance Company (MassMutual) today announced that they have entered into a definitive agreement for Empower to acquire the MassMutual retirement plan business.
MassMutual
Empower Retirement   MassMutual
The acquisition will capitalize on both firms’ expertise, provide technological excellence and deep product capabilities, and create scale to the benefit of retirement plan participants and their employers.

Topics: Empower Retirement MassMutual

Based on the terms of the agreement and subject to regulatory approvals, Empower will acquire the retirement plan business of MassMutual in a reinsurance transaction for a ceding commission of $2.35 billion.

In addition, the balance sheet of the transferred business would be supported by $1 billion of required capital when combined with Empower’s existing U.S. business.

The MassMutual retirement plan business comprises 26,000 workplace savings plans through which approximately 2.5 million participants have saved $167 billion in assets.1 It also includes approximately 2,000 employees affiliated with MassMutual’s retirement plan business who provide a full range of support services for financial professionals, plan sponsors and participants.


 

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