Massachusetts Selects Empower to Deliver Retirement Services, Continuing a 16-Year Partnership

Empower will continue the plan administration for roughly 300,000 public employees in Massachusetts with approximately $16B in AUA.

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Empower, a leading provider of retirement and wealth management solutions,¹ announced today that it has renewed its contract with the Commonwealth of Massachusetts.

Empower will continue the plan administration for approximately 300,000 public employees in Massachusetts with roughly $16B in AUA.*

Empower and the Commonwealth have worked together to develop a custom sales, administration and service model to support both the Commonwealth’s SMART and CORE plans to create a coordinated and holistic experience.

The new contract commenced April 1, 2026.

“We are proud of our 16-year partnership with the Commonwealth. We will continue to make it easier for Massachusetts public employees to receive the products, services and advice they need to help them achieve a secure financial future,” said Rich Linton, president and COO for Empower. “More than 800 Empower associates call Massachusetts home. They live, work, raise their families and contribute to the enrichment of their communities across the state — so this partnership means so much to the Empower community.”

Empower assisted the Commonwealth in the development, delivery and growth of the CORE Plan from the ground up since its launch in February 2018. The CORE Plan was the first public-sponsored multiple employer 401(k) retirement plan (MEP) available to Massachusetts nonprofit organizations with 20 or fewer employees. Recently, the Commonwealth passed legislation to expand coverage for the CORE Plan to agencies with up to 100 employees. To date, more than 250 nonprofit organizations have adopted the CORE Plan, expanding access to an affordable retirement program for thousands of employees.

The Commonwealth of Massachusetts SMART Plan is the Commonwealth's voluntary 457(b) deferred compensation retirement savings plan serving eligible state and municipal employees.

“The Commonwealth recognized the need for employees to have access to financial education and implemented a measurable approach to delivering advice to SMART Plan participants,” said Marybeth Daubenspeck, executive vice president of government and Taft-Hartley markets for Empower. “These include Retirement Readiness Reviews,³ which offer specific, personalized recommendations and long-term strategies. This model has been so successful, it’s become the blueprint for how we deliver education across Empower.

“We have several initiatives under way focusing on customer experience to help improve operational and administrative efficiencies and drive increased engagement for these employees,” Daubenspeck continued. “We are also helping to consolidate eligible agencies within the SMART Plan to get the benefit of all the services at a very competitive price.”

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, providing recordkeeping, administration or investment services for 30 state retirement programs.

Learn about Empower’s 2026 government research, Empowering America’s Financial Journey Government Sector 2026 | Empower.

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Empower and the Employees Retirement System of Texas to extend long-standing partnership | Empower

State of Louisiana remains with Empower — continuing 35-year partnership | Empower

About Empower

Recognized as a leader in retirement services and wealth management,¹ Empower administers over $2.0 trillion in assets² for more than 20 million individuals through the provision of workplace and individual retirement plans, advice, financial planning, and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok, and Instagram.

1. Pensions & Investments DC Recordkeeper Survey (2025). Ranking measured by total number of participants as of December 31, 2024.
2. As of March 31, 2026. Assets under administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company.
3. The Retirement Readiness Review is provided by an Empower representative registered with Empower Financial Services, Inc. and may provide tailored retirement education and guidance at no additional cost to participants.

*As of April 1, 2026.

Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. “EMPOWER” and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America.

The information contained herein is being provided for discussion purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy or sell securities. All visuals are illustrative only.

©2026 Empower Annuity Insurance Company of America. All rights reserved. WF-6676100-0726 RO-5755019-0726

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