GREENWOOD VILLAGE, COLO. June 27, 2023 – Empower announced today that it is extending an eight-year partnership with the City of Austin, Texas. The company will continue to provide 457(b) and 401(a) defined contribution retirement plan services totaling approximately $680 million in assets* on behalf of more than 12,700 city government employees.  

“It is always rewarding when a client chooses to stay because it validates we are doing the right thing for their employees,” said Rich Linton, president and chief operating officer at Empower. “Government plan sponsors represent a unique market employing thousands of diverse roles. We are looking forward to continuing our partnership with the City of Austin and providing their employees with the tools and solutions to help them no matter where they are in their financial journey.”

The capital of Texas, Austin recently became the 10th most populous city in the United States and is home to 20 colleges and universities and a growing technology sector. Known as the “live music capital of the world,” the city is home to hundreds of live music venues and world-renowned music festivals. Austin is also known for its outdoor fun with many parks and lakes as well as the Circuit of the Americas Formula One raceway.

The renewal commenced June 12, 2023, with a five-year contract, including options for two additional two-year extensions.

“The City of Austin’s Deferred Compensation Plan is an excellent tool to help our employees prepare for their future. We are confident that our partnership with Empower will continue to offer strong support to City of Austin employees in meeting their goals,” said AJ Padilla, City of Austin 457 Plan Committee Chair.

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.

“We are grateful to the City of Austin and their Deferred Compensation Committee for their continued partnership and trusting that we are the right provider to help create positive outcomes for their employees,” said Dan Morrison, senior vice president, government markets at Empower. “Empower provides retirement benefits to nearly 4 million government workers across the country and are proud that the City of Austin is among those we serve.”

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

ABOUT EMPOWER

Empower is the second-largest retirement recordkeeper in the U.S.¹ and a leading provider of financial services, including advice, wealth management, investing, and retirement services. Headquartered in Greenwood Village, Colorado, Empower administers approximately $1.4 trillion in assets for more than 18 million investors.² Connect with us on empower.com, Facebook, Twitter, LinkedIn, Tik Tok, and Instagram.

Media contacts:

Stephen Gawlik - Stephen.Gawlik@empower.com

Mandy Cassano - Mandy.Cassano@empower.com

* As of June 2023.