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<\/a><\/a>\nThe six-year contract, which was approved by the ERS Board of Trustees, is effective Jan. 1, 2027, through Dec. 31, 2032.<\/p>
\n\u201cWith a local presence in Austin, TX, and relationships across 200+ state agencies and some higher education institutions, Empower has proudly served Texans with personalized service grounded in local experience,\u201d said President of Empower\u2019s Workplace Solutions Joe Smolen. \u201cOur Texas-based team understands their priorities and has helped the State of Texas reinforce its role as a model public employer. We are proud to be able to continue working together.\u201d<\/b><\/p>
\nEmpower will continue providing administration for the Texa$aver deferred compensation program\u2019s 401(k) and 457 retirement plans for roughly 300,000 Texas employees with approximately $7B in AUA.<\/p>
\nThrough its relationship with ERS, Empower also provides its My Total Retirement\u2122 professionally managed investment and planning service to employees of Texas agencies and higher education institutions, allowing accountholders access to personalized retirement strategies based on each individual\u2019s full financial picture.<\/p>
\n\u201cEmpower\u2019s seven local, dedicated retirement plan advisors (RPAs) \u2014 including two Spanish-speaking representatives \u2014 have built strong, trusted relationships with participants across the state,\u201d said Marybeth Daubenspeck, executive vice president of Government and Taft-Hartley Markets at Empower.<\/p>
\nDaubenspeck indicated that both of the deferred compensation plans have experienced significant growth in participation, contributions, and assets \u2014 reflecting the strength of the plan and increasing engagement among employees statewide.<\/p>
\nSince ERS first awarded the administrator contract to Empower in 2009, Texa$aver 401(k) plan assets have grown by 88% and the Texa$aver 457 plan assets have more than doubled, increasing 106%. Annual 401(k) contributions have increased by nearly 45% and annual 457 contributions have grown by over 30%.<\/p>
\n\u201cThe continued growth of Texa$aver shows that our members are actively engaged in their retirement security, and this renewed partnership helps ensure they continue receiving high\u2011quality administration at lower-than-average costs. This contract helps ensure employees of the state have the tools, guidance, and support they need to make confident decisions about their retirement,\u201d ERS Executive Director Porter Wilson said.<\/p>
\nERS introduced a voluntary 457 plan in 1974 as a way for state employees to supplement the retirement income they would receive from the state\u2019s pension program. They added the 401(k) plan in 1985. Today, the Texa$aver 401(k) \/ 457 Program serves state agency and higher education employees and retirees. Texa$aver is funded entirely by participants and receives no funds from the State of Texas.<\/p>
\nERS manages benefits for employees and retirees of State of Texas agencies and participating higher education institutions. These benefits contribute to the financial security and well\u2011being of employees, retirees, and their families and are an important component of their total compensation.<\/p>
\nEmpower 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 29 state retirement programs.<\/p>
\nLearn <\/b>about Empower\u2019s 2026 government research, Empowering America\u2019s Financial Journey Government Sector 2026 | Empower<\/a>.<\/p> \nRelated news<\/b><\/p> \nState of Louisiana remains with Empower -- continuing 35-year partnership | Empower<\/a><\/p> \nEmpower and Metropolitan Transportation Authority of NY (MTA) renew partnership | Empower<\/a><\/p> \nAbout Empower<\/b><\/p> \nRecognized as a leader in retirement services and wealth management,1 <\/sup>Empower administers over $2.0 trillion in assets2<\/sup> 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<\/a>, Facebook<\/a>, X<\/a>, LinkedIn<\/a>, TikTok<\/a>, and Instagram.<\/a><\/p> \nEmpower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. \u201cEMPOWER\u201d and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America.<\/p> \nThe 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.<\/p> \n\u00a92026 Empower Annuity Insurance Company of America. All rights reserved. WF-6512000-0626 RO-5585113-0626<\/p> \nLearn more<\/b><\/p> \nTo learn more about how we\u2019re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.<\/p> \nMedia contacts<\/b> Empower will continue 15-year relationship providing retirement plan administration for approximately 300,000 Texas employees with $7B in AUAGREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–Empower, a leading provider of retirement and wealth management sol…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-24153","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/24153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24153"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/24153\/revisions"}],"predecessor-version":[{"id":24154,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/24153\/revisions\/24154"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n