It also includes approximately 2,000 employees affiliated with MassMutuals retirement plan business who provide a full range of support services for financial professionals, plan sponsors and participants. The acquisition will capitalize on both firms expertise, provide technological excellence and deep product capabilities, and create scale to the benefit of retirement plan participants and their employers. Concurrently, MassMutual retroceded business it reinsures from a cedent, which MassMutual assumed in a previous transaction. SPRINGFIELD, Mass., July 5, 2016 Massachusetts Mutual Life Insurance Company (MassMutual) announced today that its acquisition of MetLife's U.S. retail advisor force the MetLife Premier Client Group (MPCG) has been completed. Actors are not PCAC or EAG clients. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. For more information please visit empower-retirement.com and connect with us on Facebook, Twitter, LinkedIn and Instagram. In addition, Empowers retail business provides a robust suite of products and services to individual retirement account (IRA) and brokerage customers. GWL&A establishes Financial Administrative Services Corporation (renamed FASCore, LLC), as a wholly owned subsidiary to provide recordkeeping and administrative services for retirement plans offered by other financial institutions. when did empower take over massmutual? 2) Estimated joint assets under administration of Empower Retirement and MassMutual. Published by at 14 Marta, 2021. The transaction, which is expected to close in the fourth quarter of 2020 pending customary regulatory approvals, will increase Empower's participant base to more than 12.2 million people and its retirement services recordkeeping assets to approximately $834 billion administered in approximately 67,000 workplace savings plans. Empower and MassMutual intend to enter into a strategic partnership through which digital insurance products offered by Haven Life Insurance Agency, LLC3 and MassMutuals voluntary insurance and lifetime income products will be made available to customers of Empower Retirement and Personal Capital. The first wave of consolidation in the aughts was driven by fund companies that had underestimated the complexity of record keeping. Concurrently, MassMutual will retrocede business it reinsures from a cedent, which MassMutual assumed in a previous transaction. MassMutual announced on Tuesday that its retirement plan business is being acquired by Colorado-based Empower Retirement. GWLANY statutory assets total $1.69B and liabilities total $1.57B. The start of the 2020s has been dominated by the three Cs Covid, convergence and consolidation. Empower Retirement is the retirement services division of Great-West Lifeco, of which Power Financial has a controlling interest.

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