GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–Empower announced today that the State of Illinois has chosen the nation’s second-largest retirement plan recordkeeper to manage its 457(b) retirement plan for its approximately 62,000 state employees. The plan has approximately $4.9 billion in assets.
The State of Illinois Employees’ Deferred Compensation plan, overseen by the Illinois State Board of Investment and administered by the Illinois Department of Central Management Services, transitioned to Empower July 1, 2022.
“We are so grateful to have the opportunity to provide state employees across Illinois with the tools and solutions to help them along their financial journey,” said Dan Morrison, senior vice president of government markets at Empower. “Public employees have very unique roles, and we believe their approach toward successful retirement planning should be unique as well.”
Empower is one of the largest providers of government 457 retirement plans in the country, serving entities across states, cities, counties, municipalities, associates, territories and special districts (such as transit and utility) as well as police and fire departments.
“Empower’s track record as a recordkeeper that prioritizes advanced technology and client service made them a standout candidate for plan recordkeeper,” said Johara Farhadieh, executive director and chief investment officer of the Illinois State Board of Investment. “We believe their innovative platform will add valuable capabilities and resources for our participants, and we’re excited to begin this new partnership.”
About Empower
Headquartered in metro Denver, Empower administers approximately $1.4 trillion in assets3 for more than 17 million retirement plan participants3 and is the nation’s second-largest retirement plan recordkeeper by total participants.1 Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, mid-size and large corporate 401(k) clients; nonprofit 403 (b) entities; private-label recordkeeping clients; and IRA customers. Personal Capital, a subsidiary of Empower, is an industry-leading hybrid wealth manager. For more information please visit empower.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.
