The sale of MassMutual’s retirement plan business is the company’s second major divestment. In May 2019, it completed the sale of its OppenheimerFunds unit to Invesco for $5.7 billion.
Beside this, who bought MassMutual retirement plan?
Empower is the nation’s second-largest retirement services provider. The acquisition increases Empower’s participant base to more than 12 million and retirement services recordkeeping assets to approximately $884 billion administered in approximately 67,000 workplace savings plans.
Simply so, who bought empower?
Empower Retirement
| Headquarters of Empower Retirement | |
|---|---|
| Parent | Great-West Lifeco |
| Subsidiaries | Personal Capital MassMutual |
| Rating | Fitch: AA (2020) Moody’s: Aa3 (2020) S&P: AA (2020) AM Best: A+ (2020) |
| Website | www.empower-retirement.com |
Is empower retirement a good company?
In Newsweek’s inaugural list of “America’s Best Companies for Customer Service 2019,” Empower Retirement is in the top three ranked companies with which to save for retirement by U.S. customers who have used the services, made purchases or gathered information about services in the past three years.
Is Mass Mutual in trouble?
entered the retirement income market, the firm has shut… Almost five years after Massachusetts Mutual Life Insurance Co. entered the retirement income market, the firm has shut down the division devoted to the business — indicating how difficult it is to break into.
Is MetLife owned by MassMutual?
MassMutual Completes Acquisition of the MetLife Premier Client Group. SPRINGFIELD, Mass., July 5, 2016 – Massachusetts Mutual Life Insurance Company (MassMutual) announced today that its acquisition of MetLife’s U.S. retail advisor force – the MetLife Premier Client Group (MPCG) – has been completed.
What happened to Mass Mutual Retirement?
As a result, Empower takes over approximately 26,000 workplace savings plans with 2.5 million participants and $167 billion in assets. Empower Retirement has officially acquired MassMutual’s retirement business.
What companies use empower retirement?
Empower manages retirement plans for some of the nation’s most sophisticated technology companies, major airlines, best-known retailers, large law firms, hospitals and financial services companies. Examples of new Empower corporate clients include CareerBuilder, Magellan Midstream Partners and Storck USA.
Did Mass Mutual change name?
Effective January 4, 2021, Empower Retirement (Empower) acquired the retirement plan business of MassMutual, one of the State ORP service providers. … Participants who use Form 1162 to request their provider change may use either name on the form when requesting to change to or from Empower (formerly MassMutual).
How long has Mass Mutual been in business?
MassMutual was founded on May 15, 1851. And from the beginning, we’ve had a single purpose: to help people secure their future and protect the ones they love. More than 160 years later, that commitment remains our guiding principle.
What industry is MassMutual in?
| Trade name | MassMutual |
|---|---|
| Type | Private. Mutual |
| Industry | Financial services |
| Founded | May 15, 1851 |
| Founder | George W. Rice |
Who is the largest retirement plan provider?
Is empower owned by Great-West?
A member of the Great–West Family of Companies,1 which has been providing financial services since 1891, Empower Retirement is the retirement services division of our U.S. organization, which also provides asset management and advisory services.
Why did I get a check from Empower retirement?
Uncashed checks occur almost exclusively in situations where either a participant has neither requested nor consented to a distribution, or the check represents trailing funds after the bulk of the account has been paid out (Unrequested Funds).