Empower and Milliman, Inc. today announced the closing of Empower’s acquisition of Milliman’s retirement administration business, expanding Empower’s workplace solutions capabilities across defined benefit, defined contribution, and health and welfare benefits administration. The transaction was first announced on June 30, 2026.

Milliman is retaining its actuarial consulting business.

The acquisition expands Empower’s capabilities in the defined benefit marketplace and advances the company’s strategy of delivering integrated workplace benefits solutions. It adds specialized defined benefit administration expertise to Empower’s existing retirement, wealth management, stock plan and consumer-directed healthcare offerings.

About 800 employees are joining Empower as part of the transaction.

With the completion of the transaction, Empower has acquired approximately 400 defined benefit plans representing approximately 790,000 participants and $80 billion in assets under administration. Empower has also acquired more than 1,100 defined contribution plans representing approximately 750,000 participants and more than $50 billion in client assets¹ as well as 100 health and welfare administration clients serving approximately 100,000 participants.

In total, the transaction grows Empower’s footprint to an estimated 22 million lives served – more than $2.3 trillion in assets under administration, and 96,000 workplace plans, consisting of both defined contribution and defined benefit plans.

“The addition of Milliman’s retirement administration business significantly expands our capabilities and strengthens the solutions we deliver to employers, advisors and the millions of people we serve,” said Edmund F. Murphy III, President and Chief Executive Officer of Empower. “By bringing together defined benefit and defined contribution retirement, consumer-directed healthcare, wealth management and equity compensation, we’re helping employers support more of their employees’ financial needs through a single, integrated platform.”

“We are quite proud of our administration business and we are thankful for our dedicated professionals and for the clients who have trusted their plans to Milliman,” said Dermot Corry, Chief Executive Officer of Milliman. “One of Milliman’s bedrock values is opportunity. This transaction maximizes opportunity for our administrative professionals, and it creates opportunity for Milliman by allowing us to focus on our core businesses, including consulting, data analytics, and financial risk management.”

Defined benefit plans continue to play an important role in the U.S. retirement system, supporting retirement readiness while helping employers attract and retain talent. Demand remains strong across governmental employers, professional services firms, healthcare organizations, closely held businesses and labor unions while modern designs such as cash balance plans continue to grow.

The acquisition advances Empower’s strategy to connect retirement savings and income, equity compensation, healthcare savings and wealth management solutions in a more comprehensive workplace offering.

The transaction continues Empower’s disciplined growth strategy, which over the past decade has included acquisitions of Personal Capital, MassMutual’s retirement business, Prudential’s full-service retirement business and Plan Management Corp. (OptionTrax).

Eversheds Sutherland served as legal counsel to Empower. K&L Gates served as legal counsel and Chesky Partners served as exclusive financial advisor to Milliman.

About Empower

Recognized as a leader in retirement services and wealth management,² Empower administers approximately $2.1 trillion in assets³ for more than 20 million individuals through the provision of workplace and individual retirement plans, advice, financial planning and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok, and Instagram.

About Milliman

Milliman leverages deep expertise, actuarial rigor and advanced technology to develop solutions for a world at risk. We help clients in the public and private sectors navigate urgent, complex challenges—from extreme weather and market volatility to financial insecurity and rising health costs—so they can meet their business, financial and social objectives. Our solutions encompass insurance, financial services, healthcare, life sciences and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. Visit us at Milliman.com.

¹ As of Dec. 31, 2025. The figures presented in the body of this release reflect Empower’s reporting methodology. Milliman utilizes a different reporting method, which may result in a different breakdown of the data.

² Pensions & Investments DC Recordkeeper Survey (2026). Ranking measured by total number of participants as of December 31, 2025.

³ As of June 30, 2026. Assets under administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company.

Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. “EMPOWER” and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America.

The information contained herein is being provided for discussion purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy or sell securities. All visuals are illustrative only.

©2026 Empower Annuity Insurance Company of America. All rights reserved. RO-5888770-0926

Learn more:

To learn more about how we’re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.

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