Great-West Unit Closes on MassMutual’s Retirement Plan Business
January 6, 2021 by Allison Bell
Great-West Lifeco Inc.’s Empower Retirement unit is expanding its retirement plan business in the United States.
The firm announced Monday that it has completed a previously announced acquisition of a large retirement plan business from Massachusetts Mutual Life Insurance Company.
The deal involved a $2.35 billion ceding commission, and Empower Retirement said it will be supporting the retirement plan business with $1 billion required capital.