Football and 401ks don’t seamlessly mix, something Empower Retirement is looking to change with a deal to plaster its name on the side of Mile High Stadium in Denver.
The industry’s No. 2 recordkeeper announced Wednesday that it secured the rights to the home of the NFL’s Denver Broncos for 21 years. The stadium will now (officially) be known as “Empower Field at Mile High.”
Worth a reported $6 million annually to the city’s stadium authority, according to the Associated Press, the money will largely be used for maintenance and upkeep.
The deal is part of a larger effort by Empower to increase its industry and consumer visibility, and it’s the first time a recordkeeper has entered into a high-profile, consumer-oriented deal of this type.
“We’re the No. 2 player in the market, but plan sponsors will often say, ‘Our employees don’t know who you are. They haven’t heard of you,’” said Ed Murphy, President and CEO of Empower Retirement. “We work directly through intermediaries, but we also work a lot with clients, participants and individual investors on a direct basis, so we think it’s really important that we have greater visibility and we just think this is a tremendous asset.”
He noted the 3,000 employees in Colorado and the help the deal will provide in the company’s recruiting efforts.
The announcement was positively received, with the town’s drive-time talk radio suggesting new retirement-centric taglines like “401k at 5280” and “Every time a tackle is made, the player will yell ‘Help, I’ve Fallen and I can’t get up.’”
Done deal
The naming rights issue has been a thorn in the side of the team and the city since its last sponsor, retailer Sports Authority, filed for bankruptcy in 2016.
Denver Broncos’ President Joe Ellis mentioned the company’s commitment to the community when asked about what the franchise evaluates in a potential corporate partner.
“Empower Retirement is based here in Greenwood Village, Colorado and they are great corporate citizens,” Ellis said. “They do a lot of charitable and philanthropic work and they are willing to invest in the long-term here. Furthermore, they exemplify everything that the Broncos stand for. They’re about success and being the best at everything they can be. They’re about winning and that’s what we try to do each and every week, whether we’re on the field or off the field.”
Noting it’s been “a long, long three years” in the sponsorship search, “it was a perfect match for us.”
While the cost is routine in a sponsorship deal of this size, it’s the commitment that is somewhat unique.
“What the Broncos and what the stadium authority wants is the same thing that we want, which is some degree of certainty,” Murphy concluded. “You don’t build a brand overnight; it takes time. This is obviously one effort that we’re pursuing, and a rather significant effort obviously, to create a more viable and visible brand nationally.”
The pair said temporary signage featuring the new logo will be up in time for the Broncos’ home opener against the Chicago Bears on Sept. 15, with permanent signage to be installed at a later date.
Empower claims $638 billion in assets for 9.2 million retirement plan participants and more than 38,000 organizations.