Technology, digital service capabilities, advice offerings are key factors

GREENWOOD VILLAGE, COLO. August 27, 2024 – Empower announced today that the Colorado Retirement Association has renewed its contract with the retirement services provider.

Colorado Retirement Association (CRA) is a multiple-employer plan with more than $2.5 billion in assets* and approximately 40,000 accounts with over 250 employer groups and growing.

The contract commenced on July 1 and includes a five-year extension.

“Empower is headquartered in Colorado, and CRA’s team members reside in Colorado, so we have a unique ability to collaborate and understand their needs,” said Rich Linton, president and chief operating officer at Empower. “We believe we’ve built a foundation of trust with CRA based on transparency, accountability and challenging each other to think outside the box — and we intend to continue building upon that foundation.”

For more than 55 years, CRA, exclusive to Colorado, has been dedicated to providing exceptional retirement plan services for local government employees and complete retirement plan administration for local government employers. CRA is a member-run association that is governed by a board of directors who are elected by CRA employee participants, county commissioners, and municipal and political subdivision employers to oversee CRA’s strategic planning, operational direction and investment fund lineup.

 “CRA offers a distinctive experience for its member employers and their employees,” said Dan Morrison, executive vice president and head of government and Taft-Hartley markets at Empower. “Tim Mullen and the trustees of the plan, who are also government leaders across Colorado, really have a pulse on their employee participants’ needs. We are proud to work with CRA leadership to bring new member employers into the plan and help more public workers across Colorado.”

Morrison noted that Empower will provide financial planning and look to expand its advice capabilities to the growing demand from CRA employers and participants. 

Managed account services are also available to participants who opt for a more comprehensive advice solution. 

 “Our focus with Empower has always been to provide our member employers and employee participants with solutions that will work for them no matter where they are on their financial path,” said Tim Mullen, executive director of CRA. “The Empower team has become an extension of CRA, and together we have built a program that includes innovative digital technology and service capabilities that have helped thousands of Colorado-based employees achieve their financial goals.”

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.

Learn more about Empower’s 2024 government research, Empowering America’s Financial Journey^TM: Government Sector.

ABOUT EMPOWER
Recognized as the second-largest retirement services provider in the U.S. by total participants,² Empower administers more than $1.6 trillion in assets¹ for more than 18 million investors through the provision of retirement plans, advice, wealth management, and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok, and Instagram.

Media contacts:

Stephen Gawlik - Stephen.Gawlik@empower.com

Mandy Cassano - Mandy.Cassano@empower.com