Empower to buy Milliman’s retirement admin business for $340 million

Empower Retirement , the retirement services business of Great-West Lifeco, is planning to acquire Milliman’s retirement administration business for $340 million, expanding its workplace benefits and retirement administration capabilities.

The acquisition will add defined benefit administration expertise to Empower’s existing retirement, wealth management, stock plan, and consumer-directed healthcare offerings.

At closing, Empower expects to acquire approximately 400 defined benefit plans covering 790,000 participants with $80 billion in assets under administration, along with more than 1,100 defined contribution plans serving 750,000 participants and over $50 billion in client assets.

The deal also includes 100 health and welfare administration clients with approximately 100,000 plan participants.

More than 800 Milliman employees are expected to join Empower. Milliman will keep its retirement and healthcare consulting business, while the two companies plan to work together by referring certain actuarial and defined benefit administration work to each other.

The transaction is expected to close in the second half of 2026, subject to customary regulatory approvals and closing conditions.

“Retirement security today requires more than savings alone. It depends on wealth accumulation, healthcare preparedness and reliable income throughout retirement. The addition of Milliman’s defined benefit capabilities strengthens our ability to serve the evolving needs of the 20 million investors we support, the 93,000 retirement plan sponsors we serve and the financial advisors who help clients navigate increasingly complex financial decisions. This acquisition represents another important step in Empower’s vision of delivering integrated workplace solutions that help people build wealth, protect it and ultimately retire with confidence.” – Edmund F. Murphy III, President and Chief Executive Officer of Empower.