Empower and Rockefeller Capital Management to Offer Personalized, Simplified Retirement Program

·5 min read

• Partnership streamlines investment options, offers personalized approach for investment options

• Innovative digital platform aims to engage savers, increase savings, enhance communication

GREENWOOD VILLAGE, Colo., May 24, 2022--(BUSINESS WIRE)--Empower, a leading retirement plan provider, and Rockefeller Capital Management ("Rockefeller"), a leading independent financial advisory and services firm, are partnering to offer the next evolution in retirement investing with innovative technology, a diverse menu of expertly managed investment options, and fiduciary protection.

The joint offering, called Rockefeller Capital Management (RCM) Retirement Plan Fiduciary Manager, combines the expertise of Empower and Rockefeller to deliver employers a simplified retirement plan offering to support their retirement plan benefit needs, plan fiduciary responsibilities and help drive employee retirement savings. Empower helps more than 17 million people1 with saving and investing by providing the tools and resources they need to help reach their financial goals, and Rockefeller, through its Retirement business, offers individual and group retirement solutions via private wealth management and family office advisors.

The RCM Retirement Plan Fiduciary Manager offers employers a cost-effective opportunity to access the knowledge and experience of leading wealth managers and strategic advisors with a leading retirement plan provider. The solution aims to make it easy for employers to offer what employees want – a simplified digital platform that enables them to easily view, manage and optimize their financial plan. Savers can track, manage, and plan for all their financial priorities in one place.

"This partnership will deliver a cost-effective practical retirement solution created specifically for individual organizations," said Edmund F. Murphy III, Empower President and CEO. "We are bringing together select features in one simple offering to give growing organizations more value and a user experience that engages their employees and helps them take positive action in their retirement planning."

"The business owners our advisors serve have many priorities to balance, from navigating inflation and changing markets to improving employee retention," added Gregory J. Fleming, President and Chief Executive Officer of Rockefeller Capital Management. "Combined with a competitive benefits package, the RCM Retirement Plan Fiduciary Manager provides a range of retirement savings options to help employers attract and retain top talent while allowing them to save time, reduce costs, increase efficiencies and focus on their other business needs."

Through the RCM Retirement Plan Fiduciary Manager program, plan sponsors and all other plan fiduciaries add an extra layer of fiduciary protection by engaging Rockefeller as an ERISA (3(38)) investment manager to the plan.

By utilizing Empowerʼs capabilities, employees can access advice when they want and need it. The offering makes use of Empower’s participant communications strategies to help individuals take action under their plan. A key to the partnership is the value and flexibility Empower offers through its branded Empower Select solution with more than 7,000 investment funds, including over 2,000 zero-revenue fund options from some of the most recognized managers.

About Empower
Headquartered in metro Denver, Empower administers approximately $1.4 trillion in assets1 for more than 17 million retirement plan participants and is the nation’s second-largest retirement plan recordkeeper by total participants.2 Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, mid-size and large corporate 401(k) clients; nonprofit 403(b) entities; private-label recordkeeping clients; and IRA customers. Personal Capital, a subsidiary of Empower, is an industry-leading hybrid wealth manager. For more information please visit empower.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.

About Rockefeller Capital Management
Rockefeller Capital Management was established in 2018 as a leading independent, privately-owned financial services firm. Originally founded in 1882 as the family office of John D. Rockefeller, the Firm has evolved to offer strategic advice to ultra-high-net-worth and high-net-worth individuals and families, institutions and corporations from 36 locations across the United States. Early in 2022, the Firm opened an office in London. As of March 31, 2021, the Firm was responsible for approximately $95 billion in client assets across its three business segments, the Rockefeller Global Family Office, which includes both the Private Wealth Management and Family Office businesses, Rockefeller Asset Management and Rockefeller Strategic Advisory.

1

As of April 1, 2022. Information refers to all retirement business of Great-West Life & Annuity Insurance Company (GWLA) and its subsidiaries, including Empower Retirement, LLC; Great-West Life & Annuity Insurance Company of New York (GWLANY); and Prudential Retirement Insurance & Annuity Company (PRIAC), marketed under the Empower brand. Assets represents the estimated consolidated pro forma assets under administration (AUA) of Empower and the full-service retirement business of Prudential Financial, Inc., as of December 31, 2021. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. As of December 31, 2021, GWLA’s statutory assets total $75.9B and liabilities total $73.0B, GWLANY’s statutory assets total $4.1B and liabilities total $3.9B, and PRIAC’s statutory assets total $100.329B and liabilities total $98.793B.

2

Pension & Investments 2020 Defined Contribution Survey Ranking as of April 2021.

Securities, when presented, are offered and/or distributed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is an affiliate of Empower Retirement, LLC; Great-West Funds, Inc.; and registered investment adviser, Advised Assets Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice.

Empower Retirement refers to the products and services offered by GWLA and its subsidiaries, including Empower Retirement, LLC. Empower Retirement is not affiliated with Prudential or its affiliates. All product names, logos and brands are property of their respective owners. "EMPOWER," "EMPOWER RETIREMENT," and all associated logos and product names are trademarks of GWLA. Prudential and all associated logos are registered trademarks owned by The Prudential Insurance Company of America and are used under license. RO2214030-0522

View source version on businesswire.com: https://www.businesswire.com/news/home/20220524005510/en/

Contacts

Media Contacts:

For Empower Retirement:
Stephen Gawlik – 617-417-4408 – Stephen.Gawlik@empower.com
Monica Mendoza – 719-373-2460 – Monica.Mendoza@empower.com

For Rockefeller Capital Management:
Kelly Whalen – 857-301-9936 – kwhalen@prosek.com

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