Corebridge, Equitable Announce ‘Transformational’ Merger, ERIC Celebrates 50
Corebridge Financial, Inc. and Equitable Holdings, Inc. have entered into a definitive agreement to combine in an all-stock merger, valuing the combined company at approximately $22 billion, based on the closing stock prices of each company as of March 25, 2026.
According to the companies, the transaction will create a “retirement, life, wealth and asset management company with formidable distribution capabilities, enhanced scale and a diversified portfolio of businesses with well-established global brands.” The combined company will have $1.5 trillion in assets under management (AUM) and administration (AUA) across individual retirement, group retirement, asset management, wealth management, life insurance and institutional markets.
Mark Pearson, president and chief executive officer of Equitable, said, “This is a transformational transaction that brings together three outstanding franchises – Corebridge, Equitable, and AllianceBernstein – to create a diversified financial services company uniquely positioned to serve customers and deliver long‑term value for shareholders. By combining complementary capabilities and scale, we will enhance what we can deliver for clients – more choice, broader access to investment and retirement solutions and the strength of an industry leader with a stronger balance sheet standing behind our promises. I am excited about what lies ahead and look forward to working closely with Marc Costantini and the combined company board to shape the new company. Together, we will leverage both companies’ strengths to enhance what we can deliver for customers and shareholders alike.”
Marc Costantini, president and chief executive officer of Corebridge, said, “The combined company will benefit from a strong competitive position and accelerated growth across retirement, life and institutional markets, as well as asset and wealth management. With a world-class, multi-channel distribution network and an expanded offering of innovative products, we will create a balanced and resilient business well positioned to serve customers. Together, we will continue to support financial professionals and institutions in helping individuals plan, save for and achieve secure financial futures. Importantly, upon closing, this transaction is expected to deliver compelling value to shareholders, including immediate accretion to earnings per share and cash generation, increasing to over 10% by the end of 2028. I have great respect for the business Mark Pearson and the Equitable team have built and am confident our cultural alignment will bolster our ability to execute with success.”
ERIC Celebrates 50 Years
The ERISA Industry Committee (ERIC) will mark its 50th anniversary during its annual spring conference in Washington, DC this week.
“As we celebrate 50 years, we reflect on a half-century of advancing health and retirement benefits that position both workers and employers to meet America’s critical workforce challenges and strengthen America’s competitiveness,” said ERIC President and CEO James Gelfand. “From mental health parity to pharmacy benefit manager reform, from the Pension Protection Act to SECURE 2.0, and from joining amicus briefs to leading precedent-setting cases in the courts, ERIC has been at the forefront of change for large employers. It’s a privilege we take seriously, and we are grateful for the trust our member companies put into this organization. As ERIC marks 50 years, we are energized to lead the next chapter, crafting policy solutions that equip America’s employers with the tools to attract, retain, and empower the workforce that will drive our nation forward.”
ERIC was established in 1976, just two years after President Gerald Ford signed the Employee Retirement Income Security Act (ERISA) into law. Its mission was to advocate for policies on health, retirement, paid leave, and compensation, with the primary goal of preserving national uniformity under ERISA.
In 1983, the organization decided to hire Mark Ugoretz as ERIC’s first president and CEO. The installation of a permanent executive at the helm of ERIC was a direct response to the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), which significantly affected large employers and benefits policy.
Some changes were less workforce-specific, like the launch of ERIC’s first website in 1997. Others marked major shifts, such as the launch of the ERIC Legal Center. Created in 2021, the ERIC Legal Center is the advocate for large employers on legal matters affecting health, retirement, paid leave, and other benefits. It has led litigation efforts to preserve ERISA preemption, fight state mandates, and intervene in matters affecting the design and administration of employee benefit plans under ERISA.
Betterment at Work Renews Compliance Guarantee, Adds Features
Betterment at Work is renewing its hassle-free compliance guarantee and rolling out several enhancements to its 401(k) offering.
The company is renewing its Hassle-Free Compliance Guarantee to further reduce the administrative burden on employers. Betterment guarantees that all annual audit packages will be delivered by May 31, and if the deadline is missed, the company will refund up to $1,000 off the plan’s annual base fee.
“Compliance is one of the biggest pain points for plan sponsors,” said Rob Krupa, senior director of 401(k) Compliance. “Because we’ve delivered every single audit package on time to date, our sponsors are focusing on their business and people rather than 401(k) administration. We are proud to back that track record with a financial guarantee for yet another year.”
In addition, Betterment at Work is updating its 401(k) platform to deliver a new experience for clients and partners.
Key updates include:
- Solo 401(k) Expansion for National Partners: Betterment now provides its all-digital Solo 401(k) through national advisor networks, with no setup fees and support for self-employed clients.
- 350+ Payroll Integrations: Led by a flagship integration with QuickBooks Online, Betterment has added hundreds of partners to automate data flow and reduce manual entry.
- Live Chat Support: Sponsors can now access Live Chat directly within their dashboard, providing live human support for plan navigation, administration, account management and reporting.
“We are building a 401(k) platform that fits the way modern businesses operate,” said Chelsey Lubin, senior director of Client Experience at Betterment. “Whether a sponsor needs to confirm a vesting schedule or update a Form 5500 signer, these upgrades reduce administrative burden, provide stronger support and help plan sponsors build more confidence in their plan.”
Transamerica Taps CIO
Transamerica Asset Management, Inc. announced that John Reifsnider has been appointed chief investment officer of TAM, effective March 10.
In this role, Reifsnider will focus on leading TAM’s investment strategy, including the sub-adviser selection and monitoring process, and will be providing industry and market insights.
“John is a proven leader with a clear focus on delivering strong, long-term outcomes for investors,” said Marijn Smit, head of Transamerica Asset Management. “He has a strong track record of overseeing portfolios through market cycles and aligning teams around consistent investment frameworks while keeping investor outcomes at the center of every decision.”
Most recently, Reifsnider served as CEO of Pendal USA where he oversaw approximately $45 billion in assets.
Reifsnider holds a bachelor’s degree in business administration from the University of Toledo and currently serves as an executive in residence at the University of Richmond’s Robins School of Business, where he advises students and supports investment-focused programs.
London-Based MASECO Joins Creative Planning
MASECO LLP, a registered investment advisor (RIA) in London, England, will become part of the Creative Planning group, subject to regulatory approval. The acquisition will add 123 employees and over $5 billion in assets under management (AUM).
“We’re thrilled to have MASECO join Creative Planning,” said Creative Planning President and CEO Peter Mallouk. “Their planning-led approach, client-first culture and expertise in integrating U.S., UK and offshore financial solutions align perfectly with Creative Planning’s philosophy. This acquisition will extend our growing international footprint and expands our ability to deliver Creative Planning’s integrated wealth management model to more clients around the world, providing a fully coordinated platform of financial planning, investment management, retirement and estate planning, trust and tax services, and family office solutions.”
Founded in 2008 during the global financial crisis, MASECO was created to help internationally mobile families navigate the complexities of cross-border wealth management by creating tax-efficient investment solutions across the U.S. and UK, serving American families living abroad, with the ability to introduce clients to custodians located in the U.S., UK or offshore.
“MASECO was founded as a planning-led, highly tax-aware wealth management firm designed so that investment management and financial planning work seamlessly together with the aim of delivering superior outcomes for U.S. and internationally mobile clients,” said MASECO Co-Founders and Managing Partners Josh Matthews and James Sellon in a joint statement.
Spencer House Partners and Houlihan Lokey served as M&A advisors on the acquisition, and Paul Weiss and Herbert Smith Freehills Kramer served as legal counsel.
This is Creative Planning’s second international acquisition, following the acquisition of Switzerland-based Baseline Wealth Management Ltd. in January.
Public Opens Crypto Trading to IRAs
Public, the AI-native investing platform, has announced that crypto trading is now available inside traditional and Roth individual retirement accounts (IRAs).
This move allows members to build their crypto positions for the long term with potential tax-deferred or tax-free earnings, says Public.
“Crypto has matured from an experimental asset class into a global asset class, but retirement investing hasn’t kept pace,” said Leif Abraham, co-CEO and co-founder of Public. “Launching crypto trading in IRA accounts on Public is a new innovation that is allowing investors to take advantage of potential tax benefits and trade more asset classes for retirement.”
With this launch, Public members can now manage their crypto alongside equities and options. Public is also offering a 1% match on all annual IRA contributions, as well as an uncapped 1% match on IRA transfers and 401(k) rollovers.