Empower to Acquire Milliman’s Retirement Administration Business for $340 Million

GREENWOOD VILLAGE, Colo. — Empower announced on June 30, 2026, that it has entered into a definitive agreement to acquire the retirement administration business of Milliman, Inc. for $340 million. The deal significantly expands Empower’s capabilities in the defined benefit plan market and furthers its strategy of creating an integrated ecosystem of workplace financial solutions.

The transaction, which is subject to customary regulatory approvals and closing conditions, is expected to be finalized in the second half of 2026. Until the deal closes, both Empower and Milliman’s retirement administration business will continue to operate independently. This acquisition is the latest in a series of strategic moves by Empower to broaden its service offerings through growth.

This move by Empower is another clear signal of the ongoing consolidation in the financial services and benefits administration sector. For small and mid-sized businesses, this trend presents both opportunities and challenges.

Under the terms of the agreement, Empower will absorb a business that provides defined contribution (DC), defined benefit (DB), and health and welfare (H&W) administration services. The acquisition will bring more than 1,500 retirement plans, 1.5 million participants, and approximately $130 billion in client assets under Empower’s management. Additionally, over 800 Milliman employees specializing in retirement and benefits administration will transition to Empower.

Milliman, a global provider of actuarial and related products and services, will retain its core retirement and healthcare actuarial consulting business. Following the transaction's close, the two companies plan to enter into a strategic partnership. Dermot Corry, President and CEO of Milliman, stated that the sale positions the administration business for continued growth under Empower while allowing Milliman to sharpen its focus on its consulting operations.

For Empower, the acquisition is a key step in its long-term strategy to build a comprehensive platform that connects retirement savings, wealth management, equity compensation, and healthcare savings solutions for employers. The company aims to help employers offer more holistic financial wellness programs to their workforces.

“The addition of Milliman’s defined benefit capabilities strengthens our ability to serve the evolving needs of the 20 million investors we support, the 93,000 retirement plan sponsors we serve and the financial advisors who help clients navigate increasingly complex financial decisions,” said Edmund F. Murphy III, President and CEO of Empower, in a statement. He added that the acquisition is “another important step in Empower’s vision of delivering integrated workplace solutions that help people build wealth, protect it and ultimately retire with confidence.”

In our experience, while these mega-providers offer impressive, integrated technology platforms, smaller employers can sometimes feel lost in the shuffle. Service levels can become less personalized, and non-standard plan designs may be difficult to accommodate. It becomes critical for business owners to assess whether their provider's scale truly translates into better outcomes for their employees or just more complexity. This is precisely the kind of situation where we assist clients through our business process reengineering services, helping them evaluate vendor relationships and optimize their benefits administration workflows to ensure they align with their company’s strategic goals. For guidance on navigating these market shifts, contact C&S Finance Group LLC at csfinancegroup.com.

This transaction follows a pattern of disciplined growth for Empower, a subsidiary of Great-West Lifeco Inc. Over the past decade, the company has significantly expanded its footprint through key acquisitions, including Personal Capital, the retirement businesses of MassMutual and Prudential, and Plan Management Corp., the provider of OptionTrax software.

David Harney, President and CEO of Great-West Lifeco, commented on the parent company's strategy. “The acquisition reflects our disciplined approach to capital deployment and our focus on strengthening high-quality, capital-efficient growth platforms," Harney said. He noted that the deal aligns with their strategy of pursuing opportunities that add scale and expand capabilities while generating long-term returns.

The integration of Milliman's defined benefit expertise is particularly significant. While defined contribution plans like 401(k)s have become the standard for private-sector retirement benefits, defined benefit plans, or traditional pensions, remain prevalent in the public sector, for trade labor unions, and among certain corporate clients that Milliman serves. By strengthening its DB administration capabilities, Empower can now offer a more complete suite of retirement solutions to a wider range of plan sponsors.

As the landscape continues to shift, companies must remain vigilant, regularly reviewing their provider relationships to ensure they are still receiving the best value and service for their employees.

Looking ahead, the immediate focus for both companies will be on securing the necessary regulatory approvals to close the transaction by the end of the year. Following the close, industry observers will be watching to see how smoothly Empower integrates Milliman’s platform, assets, and more than 800 employees. The structure and execution of the announced strategic partnership between the two firms will also be a key area of interest.