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Empower Retirement acquires Milliman's business unit

PRIVATEAug 14, 2026•about 22 hours ago

Acquiring Company

Empower Retirement

Acquired Company

Milliman

OtherProfessional ServicesFinancial ServicesGovernment And Military

Description

Empower Retirement LLC has acquired Milliman’s retirement administration business for $340 million. This acquisition resulted in more than 800 Milliman employees joining Empower. Milliman will continue to operate its retirement and healthcare actuarial consulting division independently. The acquisition reflects Empower's growth strategy in the retirement services market.

Company Information

Company

Empower Retirement

About

Headquartered in metro Denver, Empower Retirement administers approximately $1 trillion in assets for more than 12 million retirement plan participants as of March 31, 2021.4 It is the nation’s second-largest retirement plan recordkeeper by total participants.5 Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, midsize and large corporate 401(k) clients; not-for-profit 403(b) entities; Taft-Hartley plans; private-label recordkeeping clients; and IRA and brokerage customers. Personal Capital, a subsidiary of Empower Retirement, is an industry-leading hybrid wealth manager. For more information please visit empower-retirement.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.

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M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed

Frequently asked

Who acquired Milliman?

Milliman was acquired by Empower Retirement. The deal was reported on August 14, 2026. Empower Retirement is privately held.

When did Empower Retirement acquire Milliman?

Empower Retirement's acquisition of Milliman was reported on August 14, 2026. Empower Retirement LLC has acquired Milliman’s retirement administration business for $340 million. This acquisition resulted in more than 800 Milliman employees joining Empower. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.

What does Milliman do?

Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. It is privately held, operating in Other.

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