Empower Closes Acquisition of Milliman’s Retirement Administration Business
GREENWOOD VILLAGE, Colo., September 02, 2026--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."