Empower Expands Workplace Benefits Footprint with Milliman Acquisition — Great-West Lifeco Inc.

Event summary

Empower, a subsidiary of Great-West Lifeco, completed its acquisition of Milliman's retirement plan and benefits administration business on September 2, 2026.
The deal adds approximately 400 defined benefit plans, 1,100 defined contribution plans, and 100 health and welfare administration clients to Empower's portfolio.
The acquisition brings in approximately 790,000 defined benefit participants, 750,000 defined contribution participants, and 100,000 health and welfare participants.
Total client assets under administration increased by $80 billion in defined benefit plans and $50 billion in defined contribution plans.
Approximately 800 employees from Milliman joined Empower as part of the transaction.

The big picture

This acquisition aligns with Empower's strategy of delivering integrated workplace benefits solutions, expanding its capabilities in the defined benefit marketplace. The deal significantly increases Empower's scale, with total client assets under administration growing to over $2.3 trillion and more than 22 million lives served. The transaction underscores the ongoing consolidation in the retirement and benefits administration sector, as companies seek to offer comprehensive solutions to employers and plan participants.

What we're watching

Integration Challenges: How Empower will integrate Milliman's specialized defined benefit administration expertise into its existing offerings.
Client Retention: Whether Empower can sustain the client retention targets from the acquired business.
Market Positioning: The pace at which Empower can leverage this acquisition to strengthen its position in the U.S. retirement and benefits industry.