06.30.26

Empower To Acquire Milliman Retirement Administration Business

by: Valentina Baez

Empower Retirement has agreed to acquire Milliman’s retirement administration business for $340 million in a deal expected to close in the second half of 2026, pending regulatory approval. The transaction will add more than 800 Milliman employees to Empower and significantly expand its scale in both defined benefit and defined contribution retirement plan administration. The deal includes 400 defined benefit plans covering 790,000 participants and $80 billion in assets under administration, as well as more than 1,100 defined contribution plans with 750,000 participants and over $50 billion in assets. About 100 health and welfare plans will also transfer. Milliman will retain its actuarial consulting and analytics business but will form an ongoing strategic relationship with Empower. The acquisition builds on Empower’s prior expansion, including its integration of Prudential’s retirement business.

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