Insurance
Home›Insurance›Industry & Deals›Empower wins American Cancer Society contract for reti…
Empower wins American Cancer Society contract for retirement plans
The deal, starting May 1, puts $475 million in assets under administration into Empower’s 403(b), 401(k), 457(b), and 457(f) platform.
Great-West Lifeco subsidiary Empower has been selected by the American Cancer Society to administer the nonprofit’s retirement plans, moving a major tax-exempt employer into the hands of a large recordkeeper expanding in complex nonprofit benefits.
The contract begins May 1 and covers roughly $475 million in assets under administration, spanning 403(b) and 401(k) defined contribution plans with a guaranteed income fund, along with 457(b) and 457(f) nonqualified deferred compensation plans.
Industry coverage highlights that nonprofit employers often use a multi-plan structure, running qualified and nonqualified arrangements side by side because nonprofit executives cannot access certain nonqualified deferred compensation options available to for-profit counterparts.
The article also notes the added administrative complexity of managing differing tax treatments, vesting schedules, and distribution rules across the same employee population. It points to Empower’s scale, administering more than $2 trillion in assets across over 20 million individuals, and cites its June 2026 agreement to acquire Milliman’s retirement and benefits administration business for $340 million.