Empower Retirement has partnered with Rockefeller Capital Management to debut a retirement planning platform. It aims to provide plan sponsors a resource to help participants personalize their retirement planning.
The offering is called Rockefeller Capital Management Retirement Plan Fiduciary Manager. It seeks to combine the expertise of Empower and Rockefeller for plan fiduciary protection and to boost employee retirement savings.
Marc Caras, head of retirement and specialty product management at Rockefeller Capital Management, says the platform is available to both 401(k) and 403(b) plan sponsors. He adds that it can be tailored to businesses with retirement plans of various asset sizes.
“Companies around $50m and below [in plan assets] will benefit most from the offering,” he explains.
Plan sponsors and plan fiduciaries that use the service would add an extra layer of fiduciary protection, with Rockefeller serving as an ERISA 3(38) investment manager for them.
The new tool enables retirement plan participants to track, manage and plan for saving and investing for retirement in the same place. The platform is available to current clients, who can speak with their private wealth or family office adviser to get access, Caras says.
Plan sponsors can contact firstname.lastname@example.org to get in touch with an adviser to learn more.
“This partnership will deliver a cost-effective practical retirement solution created specifically for individual organizations,” states Edmund F. Murphy III, president and CEO at Empower. “We are bringing together select features in one simple offering to give growing organizations more value and a user experience that engages their employees and helps them take positive action in their retirement planning.”