North Carolina has approved a five-year contract extension with Empower to administer the state’s supplemental 401(k) and 457 plans.
The North Carolina 401(k) plan has approximately $13.6 billion in assets with 276,000 participants and its 457 plan has approximately $1.9 billion in assets with 57,000 participants.
The state’s supplemental plans are managed by the North Carolina Department of State Treasurer and the Supplemental Retirement Board of Trustees.
The contract commences Jan. 1, 2024, and may be extended for three additional one-year terms. North Carolina had been a client of Prudential Retirement since 2003, but earlier this year Empower acquired Prudential’s defined-contribution, defined-benefit, non-qualified and rollover IRA businesses, in addition to its stable value and separate account investment products and platforms.
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