Empower and Rockefeller Capital Management are partnering to launch a simplified retirement plan service. Dubbed Rockefeller Capital Management (RCM) Retirement Plan Fiduciary Manager, the offering strives to support employer retirement plan benefit needs, plan fiduciary responsibilities and help drive employee retirement savings.
According to the announcement, the product will offer employers a simplified digital platform that enables them to “easily view, manage and optimize their financial plan.” The savers will also be able to track, manage and plan their retirement savings in one place.
Empower has been focused on expanding a variety of digital capabilities. The recordkeeping firm also established a presence on TikTok earlier this year (empowertoday), featuring short videos that aim to provide jargon-free financial information and education to young investors on topics that will answer questions such as, “What is inflation?”
The RCM Retirement Plan Fiduciary Manager program also touts an “extra layer of fiduciary protection” by involving Rockefeller as an ERISA (3(38)) investment manager to the plan.
“This partnership will deliver a cost-effective practical retirement solution created specifically for individual organizations,” said Edmund F. Murphy III, Empower President and CEO. “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.”
“The business owners our advisors serve have many priorities to balance, from navigating inflation and changing markets to improving employee retention,” added Gregory J. Fleming, President and Chief Executive Officer of Rockefeller Capital Management. “Combined with a competitive benefits package, the RCM Retirement Plan Fiduciary Manager provides a range of retirement savings options to help employers attract and retain top talent while allowing them to save time, reduce costs, increase efficiencies and focus on their other business needs.”
Denver-based Empower administers approximately $1.4 trillion in assets for more than 17 million retirement plan participants and is the nation’s second-largest retirement plan recordkeeper by total participants.
Rockefeller Capital Management was re-established as a privately-owned financial services firm, after originally founded as the family office of John D. Rockefeller. It currently is responsible for approximately $95 billion in client assets across three business segments.
Lynn Brackpool Giles is a contributing editor to 401(k) Specialist. Giles is a former Managing Director of Communications and Consumer Services for the Financial Planning Association (FPA), where she oversaw all corporate, legislative, and consumer communications. In her current journalistic practice, she is a frequent contributor to numerous financial services industry publications.
