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<\/a><\/a>\nEmpower will continue the plan administration for approximately 300,000 public employees in Massachusetts with roughly $16B in AUA.*<\/p>
\nEmpower and the Commonwealth have worked together to develop a custom sales, administration and service model to support both the Commonwealth\u2019s SMART and CORE plans to create a coordinated and holistic experience.<\/p>
\nThe new contract commenced April 1, 2026.<\/p>
\n\u201cWe are proud of our 16-year partnership with the Commonwealth. We will continue to make it easier for Massachusetts public employees to receive the products, services and advice they need to help them achieve a secure financial future,\u201d said Rich Linton, president and COO for Empower. \u201cMore than 800 Empower associates call Massachusetts home. They live, work, raise their families and contribute to the enrichment of their communities across the state \u2014 so this partnership means so much to the Empower community.\u201d<\/p>
\nEmpower assisted the Commonwealth in the development, delivery and growth of the CORE Plan from the ground up since its launch in February 2018. The CORE Plan<\/a> was the first public-sponsored multiple employer 401(k) retirement plan (MEP) available to Massachusetts nonprofit organizations with 20 or fewer employees. Recently, the Commonwealth passed legislation to expand coverage for the CORE Plan to agencies with up to 100 employees. To date, more than 250 nonprofit organizations have adopted the CORE Plan, expanding access to an affordable retirement program for thousands of employees.<\/p> \nThe Commonwealth of Massachusetts SMART Plan is the Commonwealth's voluntary 457(b) deferred compensation retirement savings plan serving eligible state and municipal employees.<\/p> \n\u201cThe Commonwealth recognized the need for employees to have access to financial education and implemented a measurable approach to delivering advice to SMART Plan participants,\u201d said Marybeth Daubenspeck, executive vice president of government and Taft-Hartley markets for Empower. \u201cThese include Retirement Readiness Reviews,3<\/sup> which offer specific, personalized recommendations and long-term strategies. This model has been so successful, it\u2019s become the blueprint for how we deliver education across Empower.<\/p> \n\u201cWe have several initiatives under way focusing on customer experience to help improve operational and administrative efficiencies and drive increased engagement for these employees,\u201d Daubenspeck continued. \u201cWe are also helping to consolidate eligible agencies within the SMART Plan to get the benefit of all the services at a very competitive price.\u201d<\/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 30 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> \nEmpower and the Employees Retirement System of Texas to extend long-standing partnership | Empower<\/a><\/p> \nState of Louisiana remains with Empower \u2014 continuing 35-year 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> \n*As of April 1, 2026.<\/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-6676100-0726 RO-5755019-0726<\/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<\/b>.<\/p>\n