Why Did I Receive a Check from Empower Retirement?
The terms of the transaction were not disclosed. The transaction is expected to close during the first quarter of 2021. Empower currently provides recordkeeping services for Truist through its private-label retirement plan unit, Empower Institutional.
How big is the Empower Retirement Plan market?
The acquisition increases Empower’s participant base to more than 12 million and retirement services recordkeeping assets to approximately $884 billion administered in approximately 67,000 workplace savings plans.2
How does empower work in a Wells Fargo 401k plan?
When the 401(k) Plan transitions to Empower, you will have the option to elect the auto-increase feature for your Before Tax or Roth contributions (or a combination of both) and select the percentage of annual increase, the date of increase and maximum up to 50% (combined limit, if making before tax and Roth contributions).
