Empower and the Employees Retirement System of Texas extend partnership

Provider of retirement and wealth management solutions Empower Retirement has renewed its contract with the Texa$aver 401(k) / 457 Program of the Employees Retirement System of Texas, extending a relationship that began in 2009.

The six-year contract runs from January 1, 2027, through December 31, 2032.

Empower will continue providing recordkeeping and administration services for the Texa$aver deferred compensation program’s 401(k) and 457 plans, which serve approximately 300,000 Texas employees and hold about $7 billion in assets under administration.

Through the partnership, Empower also provides its My Total Retirement managed investment and planning service to employees of Texas agencies and higher education institutions.

“With a local presence in Austin, TX, and relationships across 200+ state agencies and some higher education institutions, Empower has proudly served Texans with personalized service grounded in local experience. Our Texas-based team understands their priorities and has helped the State of Texas reinforce its role as a model public employer. We are proud to be able to continue working together.” – Joe Smolen, president of Empower’s Workplace Solutions.

“Empower’s seven local, dedicated retirement plan advisors (RPAs) — including two Spanish-speaking representatives — have built strong, trusted relationships with participants across the state.” – Marybeth Daubenspeck, executive vice president of Government and Taft-Hartley Markets at Empower.

“The continued growth of Texa$aver shows that our members are actively engaged in their retirement security, and this renewed partnership helps ensure they continue receiving high-quality administration at lower-than-average costs. This contract helps ensure employees of the state have the tools, guidance, and support they need to make confident decisions about their retirement.” – Porter Wilson, ERS Executive Director.