Mercer Collaborates With Empower Retirement as Recordkeeper for Its Fast-Growing Mercer Wise 401(k) Retirement Solution as It...
31 10월 2020 - 12:33AM
Business Wire
Mercer, a global leader in redefining the world of work,
reshaping retirement and investment outcomes, and unlocking real
health and well-being, and a business of Marsh & McLennan
(NYSE: MMC), announces the expansion of its outsourced retirement
savings plan solutions.
After a rigorous due diligence process, Mercer selected Empower
Retirement as a recordkeeper for Mercer Wise 401(k), Mercer’s
outsourced 401(k) solution, which seeks to improve participant
outcomes while reducing plan sponsors’ administrative burdens and
fiduciary risk. The engagement is also expected to add more
flexibility to Mercer’s outsourced retirement plan solutions as the
company plans to launch a Pooled Employer Plan in early 2021, for
which Empower will be the recordkeeper.
Launched in 2017, Mercer Wise 401(k) aims to innovate retirement
savings solutions for clients, and enables plan sponsors and plan
participants to benefit from the scale of Mercer, which ranked as
the largest OCIO provider in a recent industry survey,1 with
more-than-$300 billion in global OCIO assets under management2.
Clients will now also have the benefit of access to Empower, the
second largest retirement services provider in the U.S.
The combination of Mercer and Empower will bring Mercer’s
market-leading investment and governance solutions together with
Empower’s participant-centric recordkeeping technology to clients
of both Mercer Wise 401(k) and the intended PEP.
The expansion of Mercer’s spectrum of retirement solutions comes
as the COVID-19 crisis has put strain and cost pressure on many
plan sponsors, leading to an increased demand for outsourced
solutions. This strain is evident in two recent Mercer surveys,
which show that nearly 50% of respondents say they are spending
less time than they would like to on their retirement plans3. Given
recent market volatility, the complexity of retirement plan and
investment issues, and many competing demands for employers’ time,
the idea of outsourcing to a high-quality pooled plan can be a
compelling one.
Chris Mahoney, Leader for Mercer’s U.S. Investments and
Retirement business, said, “The retirement landscape is changing,
and Mercer continues to lead in reinventing retirement offerings
for organizations. While many companies are just beginning to offer
pooled plans, Mercer already has years of experience in managing
groups of plans, and brings significant scale and proven results.
We are excited to collaborate with Empower, a proven industry
leader, with the intent of creating better outcomes for plan
sponsors and their participants, and improving retirement plan
coverage during this challenging time.”
“The key to driving better retirement outcomes for more
Americans is greater access to high quality retirement plans that
offer compelling plan features, high quality investment options and
professional advice,” said Tina Wilson, chief product officer for
Empower Retirement. “Through the Mercer Wise 401(k) program and the
intended Pooled Employer Plan, we believe that more plan sponsors
will have the opportunity to deliver state-of-the-art retirement
benefits to their employees who deserve the opportunity to achieve
greater financial security.”
Mercer currently has more than $1 billion in assets under
management in its Mercer Wise 401(k) solution4.
For more information on Mercer’s pooled offerings, click
here.
About Mercer
Mercer believes in building brighter futures by
redefining the world of work, reshaping retirement and investment
outcomes, and unlocking real health and well-being. Mercer’s more
than 25,000 employees are based in 44 countries and the firm
operates in over 130 countries. Mercer is a business of Marsh &
McLennan (NYSE: MMC), the world’s leading professional services
firm in the areas of risk, strategy and people, with 76,000
colleagues and annual revenue of $17 billion. Through its
market-leading businesses including Marsh, Guy Carpenter and Oliver
Wyman, Marsh & McLennan helps clients navigate an increasingly
dynamic and complex environment. For more information, visit
www.mercer.com. Follow Mercer on Twitter @Mercer.
For Important Notices related to Mercer LLC and/or its
associated companies, please click here.
About Empower Retirement
Headquartered in metro Denver, Empower Retirement administers
$667 billion in assets for more than 9.7 million retirement plan
participants as of June 30. It is the nation’s second-largest
retirement plan recordkeeper by total participants. Empower serves
all segments of the employer-sponsored retirement plan market:
government 457 plans; small, mid-size and large corporate 401(k)
clients; non-profit 403 (b) entities; private-label recordkeeping
clients; and IRA customers. Personal Capital, a subsidiary of
Empower Retirement, is an industry-leading hybrid wealth manager
that currently manages more than $13 billion in assets virtually
delivered from offices across the U.S. For more information please
visit empower-retirement.com and connect with us on Facebook,
Twitter, LinkedIn and Instagram.
1 Pension & Investments magazine (P&I), AUA ranked by
worldwide assets under advisement as of March 31, 2020 as reported
by each firm to P&I. Mercer did not pay a fee to participate in
this survey. This survey is not indicative of the adviser’s future
performance. Please see Important Notices for important
information about Assets under Advisement.
2 Company information as of June 30, 2020.
3 Two Mercer surveys of approximately 200 retirement
professionals conducted in June 2020 and August 2020.
4 Based on company information as of July 31, 2020.
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James Allan Office: +1 212 345 1315 Mobile: +1 917 657
5708 james.allan@mercer.com
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