Great-West Financial announced today that it has named its retirement business Empower.
The insurance firm recently completed its acquisition of the J.P. Morgan Retirement Plan Services large-market recordkeeping business and is integrating the retirement business of Putnam Investments, making it the second largest retirement services provider in the U.S. with nearly 7 million defined contribution participants and more than $400 billion in plan assets.
The organization serves every segment of the employer-sponsored retirement plan market: small, midsize, and large corporate 401(k) clients, government 457 plans and non-profit 403(b) entities, as well as private label recordkeeping clients.
“The Empower brand name will represent our company in all forms of communication with the marketplace, and more importantly, it symbolizes a new era in retirement services,” said Robert L. Reynolds, president and CEO of Great-West Financial.
The Empower logo will include a flowing American flag that Great-West Financial says represents the firm's focus on serving the retirement needs of citizens coast-to-coast. Clients will begin to see the new name through a range of direct communications, web presence, social media, print and online advertising.
“We believe that in order to best address the retirement savings challenge in America, the name of the game in the years to come is empowerment,” added Reynolds.