Empower Buys Milliman Retirement Administration Business for $340 Million, Adding $130 Billion in Assets
Updated
Updated · PLANSPONSOR · Jul 1
Empower Buys Milliman Retirement Administration Business for $340 Million, Adding $130 Billion in Assets
3 articles · Updated · PLANSPONSOR · Jul 1
Summary
$340 million will bring Milliman’s retirement administration business into Empower in the second half of 2026, pending regulatory approvals and other closing conditions.
The deal adds about 1.5 million participants, roughly 1,500 retirement plans and about $130 billion in assets and administration balances, including 400 defined benefit plans and more than 1,100 defined contribution plans.
More than 800 Milliman employees will move to Empower, and about 100 health and welfare administration clients with 100,000 participants will also join.
Empower said the acquisition strengthens its defined benefit capabilities, while Milliman will keep its retirement and healthcare actuarial consulting operations and sharpen its focus on consulting, data analytics and AI.
After closing, the companies also expect a strategic partnership on actuarial services and defined benefit administration, extending Empower’s expansion after its 2024 integration of Prudential’s retirement business.