Empower 401k Review
by Empower Annuity Insurance Company of America
Empower is a retirement services provider administering 401(k), 403(b), 457 and other plans for businesses of all sizes, governments and nonprofits. Pricing is quoted.
- Company size
- Small businesses, mid-market companies, enterprises
Best for
- Employers of any size, including government, nonprofit and union plans
- Sponsors that want retirement, HSA and stock plans from one provider
- Plans that want managed accounts as part of a dual QDIA
Not ideal for
- Buyers who want published 401(k) prices
- Buyers who require ISO 27001 certification (policies are described as aligned with it)
How we evaluated Empower
This review rests on 13 facts checked against Empower’s official pricing pages and documentation, most recently on . We did not test the product hands-on: the score and the pros and cons use only those verified facts, as our methodology explains, and third-party ratings are quoted, never scored.
Our verdict
Empower is a retirement services company headquartered in Greenwood Village, Colorado, created in 2014 by its parent Great-West Lifeco, that administers 401(k), 403(b), 457 and other defined contribution plans for small to mega employers, governments and nonprofits. Pricing is quoted; it reports an unqualified SOC 2 Type 2 attestation.
Strengths
Plan type range
401(k), Roth 401(k), 403(b), 457(b), 457(f), 401(a), defined benefit, nonqualified and stock plans.
Evidence: Modules: 401(k) and Roth 401(k), 403(b), 457(b) and 457(f), 401(a), Defined benefit plans, Nonqualified plans, Stock plan services, HSAs, FSAs and commuter benefits
Sponsor tools
The Plan Service Center is a 24/7 hub for plan tasks, payroll submission and reporting.
Evidence: Key features: Plan Service Center, a 24/7 sponsor hub, Empower Personal Dashboard for participants, Empower Benefit Design Score, Managed accounts with Morningstar and Edelman Financial Engines, Dynamic Retirement Manager dual QDIA, Empower Security Guarantee
Security attestation
Unqualified SOC 2 Type 2 attestation and a participant Security Guarantee.
Evidence: SOC 2 Type II: Yes
Advice options
Managed accounts with Morningstar Investment Management and Edelman Financial Engines.
Evidence: Investment menu and default investment: Yes
Weaknesses
No published pricing
Empower does not publish plan pricing on its plan sponsor pages.
Evidence: Price transparency: Quote only
Price at a glance
Price transparency
Quote only
Quick answers
- How much does an Empower 401(k) cost?
- Empower does not publish 401(k) pricing on its plan sponsor pages; plans are quoted.Based on Price transparency: Quote only
- What plans does Empower administer?
- 401(k), Roth 401(k), 403(b), 457(b), 457(f) and 401(a) plans, plus defined benefit, nonqualified and stock plans and HSAs and FSAs.Based on Modules: 401(k) and Roth 401(k), 403(b), 457(b) and 457(f), 401(a), Defined benefit plans, Nonqualified plans, Stock plan services, HSAs, FSAs and commuter benefits
- Who owns Empower?
- Empower was created in 2014 by its parent company, Great-West Lifeco.Based on Parent company: Great-West Lifeco
- Is Empower SOC 2 certified?
- Empower lists an unqualified SOC 2 Type 2 third-party attestation.Based on SOC 2 Type II: Yes
Coverage of core 401(k) providers capabilities
Each core capability we evaluate in 401(k) Providers, checked against Empower’s own documentation. “Not verified yet” means we have not confirmed it either way, not that it is missing.
4 verified of 10 core capabilities
401(k) Providers
- Plan design and document
- Participant recordkeeping
- Payroll integration
- Investment menu and default investment
- Fiduciary services · not verified yet
- Compliance testing · not verified yet
- Form 5500 support · not verified yet
- Automatic enrollment · not verified yet
- Participant notices and education · not verified yet
- Fee disclosure · not verified yet
Specifications
Fit
- Industry focus
- Government, Nonprofits, Unions (Taft-Hartley)
Product
- Modules
- 401(k) and Roth 401(k), 403(b), 457(b) and 457(f), 401(a), Defined benefit plans, Nonqualified plans, Stock plan services, HSAs, FSAs and commuter benefits
- Mobile apps
- Yes
Empower alternatives
- Principal Financial Group80% similar
- Fidelity Workplace Investing70% similar
- Vanguard Workplace Solutions70% similar
Implementation and support
- Support channels
- Dedicated plan sponsor support team, Customer Care Center for participants, Empower representatives by phone, online or in person
- Support hours
- 24/7 access to service inquiries through the Plan Service Center
About Empower Annuity Insurance Company of America
- Founded
- 2014
- Headquarters
- Greenwood Village, Colorado, USA
- Ownership
- Subsidiary
- Parent company
- Great-West Lifeco
Official profiles
Empower: frequently asked questions
Where is Empower headquartered?
Greenwood Village, Colorado.
Does Empower offer a mobile app?
Yes. Empower publishes mobile apps, and participants follow their accounts in the Empower Personal Dashboard.
What support does Empower give plan sponsors?
A dedicated plan sponsor support team, plus the Plan Service Center with 24/7 access to service inquiries.
Does Empower serve government and nonprofit plans?
Yes. Empower lists government, nonprofit and Taft-Hartley union plans, with 403(b) and 457 plans next to the 401(k).
Does Empower work with governments and nonprofits?
Yes. Empower lists government, nonprofit and Taft-Hartley union plans, with 403(b) and 457 plans next to the 401(k).
What is Empower used for?
Empower is a 401(k) providers product built for small businesses, mid-market companies, and enterprises. Its modules include 401 and Roth 401, 403, 457 and 457, 401, and 4 more.
What are the best alternatives to Empower?
In our 401(k) providers ranking, the highest-scored products other than Empower are Human Interest, Betterment at Work, and Fidelity Workplace Investing. Compared side by side, by reason to switch: Empower alternatives.
What are the pros and cons of Empower?
Strengths documented on the vendor’s own pages: plan type range, sponsor tools, and security attestation. It is less suited to buyers who want published 401(k) prices and buyers who require ISO 27001 certification (policies are described as aligned with it).
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