Empower Buys Milliman Retirement Administration Business for $340 Million, Adding 1,500 Plans
Updated
Updated · Empower · Jun 1
Empower Buys Milliman Retirement Administration Business for $340 Million, Adding 1,500 Plans
3 articles · Updated · Empower · Jun 1
Summary
$340 million deal will give Empower Milliman’s retirement administration business, with closing expected in the second half of 2026 pending regulatory approvals.
The acquisition adds about 400 defined benefit plans with 790,000 participants and $80 billion in assets under administration, strengthening Empower’s pension administration capabilities.
Empower also gains more than 1,100 defined contribution plans covering roughly 750,000 participants, over $50 billion in client assets, plus 100 health and welfare administration clients with 100,000 participants.
More than 800 employees are set to join Empower, while Milliman keeps its retirement and healthcare actuarial consulting operations and expects a strategic partnership with Empower after closing.
The purchase extends Empower’s broader workplace-benefits push, linking retirement, wealth, stock-plan and healthcare offerings as Milliman sharpens focus on consulting, data analytics and AI.