Empower Renews $16B Massachusetts Retirement Services Contract
Event summary
- Empower renewed its contract with Massachusetts to administer retirement services for ~300,000 public employees and $16B in AUA.
- The partnership spans 16 years, with the new contract effective April 1, 2026.
- Empower helped develop and expand the CORE Plan, now covering nonprofits with up to 100 employees.
- The SMART Plan includes personalized Retirement Readiness Reviews for participants.
The big picture
Empower’s contract renewal with Massachusetts underscores its dominance in public-sector retirement services, managing $16B in AUA. The expansion of the CORE Plan reflects a broader trend of states extending affordable retirement options to smaller nonprofits and agencies. Empower’s role in developing these programs positions it as a key player in shaping state-sponsored retirement solutions.
What we're watching
- Market Expansion
- Whether Empower can replicate the CORE Plan’s success in other states.
- Operational Efficiency
- How Empower’s customer experience initiatives improve engagement and reduce costs.
- Regulatory Dynamics
- The pace at which state legislatures expand retirement plan coverage for smaller employers.