Empower Wins $475M American Cancer Society Retirement Plan Mandate
Event summary
- Empower selected as plan administrator for American Cancer Society's retirement benefits, covering $475M in assets and ~7,000 employees.
- Contract effective May 1, 2026, includes administration of 403(b), 401(k), 457(b), and 457(f) plans with guaranteed income fund options.
- American Cancer Society is a nonprofit organization focused on cancer research, advocacy, education, and patient support.
The big picture
Empower's win underscores a growing trend of nonprofits outsourcing retirement plan administration to specialized providers. The deal highlights Empower's ability to attract large, mission-driven organizations, potentially opening doors for similar mandates in the nonprofit and healthcare sectors. With over $2 trillion in assets under administration, this partnership further solidifies Empower's position as a key player in the retirement services industry.
What we're watching
- Market Expansion
- How Empower's win with a high-profile nonprofit will impact its positioning against competitors like Fidelity and Vanguard in the retirement services space.
- Nonprofit Sector Focus
- Whether this partnership signals broader interest from other large nonprofits to outsource retirement plan administration.
- Technology Integration
- The pace at which Empower integrates its advanced technology and personalized support offerings into the American Cancer Society's retirement plans.