Great-West Financial, the second-largest plan provider in the country, has announced the renaming of its retirement business.
Going forward, the Denver-based service provider to 7 million defined contribution participants will be known as Empower.
The announcement comes after the acquisitions of J.P. Morgan's large-market recordkeeping business earlier this year, as well as last year's integration with Putnam Investment's retirement business.
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"In order to best address the retirement savings challenge in America, the name of the game in the years to come is empowerment," said Robert Reynolds, Great-West's CEO.
"This is what we stand for and what we will bring to our clients."
Last month, Edmund F. Murphy III was named president of Empower.
"The new name captures our philosophy and what we hope to deliver as retirement services provider," said Murphy.
"Our value proposition in the marketplace is that we will bring all of our resources to bear to help advisors, consultants, plans sponsors and their employees think about retirement in new ways and empower them with a series of forward-thinking resources, information and intuitive tools to achieve higher levels of success," Murphy added.
Empower oversees $400 billion in retirement assets. As the second-largest provider behind Fidelity, the rebranded organization now serves all size segments of the 401(k) market, as well as government 457 and non-profit 403(b) plans.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
