Empower Closes $340 Million Milliman Deal, Adding 1.53 Million Participants
Updated
Updated · Wealth Management · Jul 6
Empower Closes $340 Million Milliman Deal, Adding 1.53 Million Participants
1 articles · Updated · Wealth Management · Jul 6
Summary
$340 million bought Milliman’s defined contribution, defined benefit, and health-and-welfare administration units, adding 750,000 DC and 780,000 DB participants to Empower.
The acquisition lets Empower link workplace benefits with retirement and wealth offerings, giving it a larger base for cross-selling financial wellness and advisory services.
Empower said it will retain 800 Milliman employees and continue partnering with Milliman on DB administration and actuarial services, while Milliman keeps its consulting practice.
The deal extends Empower’s expansion after the Personal Capital, MassMutual retirement, and Prudential retirement acquisitions, pushing its platform toward 20 million participants.
The move also deepens competition in benefits-retirement integration as fee pressure, tighter regulation, and rising healthcare costs drive consolidation across plan administration.
As benefits giants merge health and wealth, can they truly serve employees or just themselves?
With another major acquisition, is the financial benefits industry now a game only giants can win?
Can one company manage retirement, health, and wealth data without creating massive privacy risks?
Empower Strengthens Market Position with $200 Million Milliman Retirement Administration Acquisition, Adding 500,000 Participants
Overview
Empower has strengthened its position in the financial services industry by acquiring Milliman’s retirement administration business. This move allows Empower to integrate Milliman’s specialized expertise in defined benefit administration, creating a more comprehensive suite of workplace financial solutions. As a result, Empower can better serve a wide range of clients, including employers, plan sponsors, advisors, and individual investors, while enhancing the overall value it delivers. Meanwhile, Milliman retains its actuarial consulting business, enabling both companies to focus on their core strengths and drive greater value through strategic separation and collaboration.