Empower Expands Workplace Benefits Footprint with Milliman Retirement Unit Acquisition — Empower Annuity Insurance Company of America

Event summary

Empower completed its acquisition of Milliman’s retirement administration business on September 2, 2026, adding ~800 employees and expanding its defined benefit capabilities.
The deal brings ~400 defined benefit plans ($80B AUM), 1,100 defined contribution plans ($50B AUM), and 100 health and welfare clients to Empower’s platform.
Total assets under administration grow to $2.3T across 22M lives and 96,000 workplace plans.
Milliman retains its actuarial consulting business, focusing on core services including data analytics and financial risk management.

The big picture

The acquisition accelerates Empower’s strategy of consolidating workplace benefits administration, responding to employer demand for comprehensive retirement and healthcare solutions. Defined benefit plans remain critical for talent retention, particularly among governmental and healthcare organizations, while modern designs like cash balance plans gain traction. This deal follows Empower’s decade-long M&A spree, including Personal Capital and Prudential’s retirement business, underscoring its aggressive growth trajectory in the retirement services sector.

What we're watching

Integration Challenges: How Empower will assimilate Milliman’s 800 employees and specialized defined benefit expertise into its existing operations.
Market Positioning: Whether the acquisition strengthens Empower’s competitive edge in the defined benefit space amid growing demand for integrated workplace solutions.
Strategic Focus: The pace at which Milliman can refocus its core consulting and analytics businesses after divesting its retirement administration unit.