Great-West Financial has completed its acquisition of the J.P. Morgan Retirement Plan Services large-market recordkeeping business, a major step in building one of the nation’s premier retirement services firms.
The combined Great-West Financial retirement organization becomes the second largest provider in the U.S. defined contribution market with nearly 7 million participants. It also record keeps more than $400 billion in retirement plan assets.
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Terms of the transaction, which was originally announced in April, were not disclosed.
This development follows an announcement in March that the retirement business of Putnam Investments, which specializes in the large-plan corporate segment, is combining with Great-West Financial.
"As we move forward as one organization, Great-West Financial will seek to help millions of working Americans achieve more successful, dignified outcomes in preparing for retirement. We will deliver a new generation of savings vehicles, employee engagement strategies and innovative educational resources, client service and leading-edge technology. Ultimately, we aim to address the country’s retirement savings challenge and make great strides towards solving it."
Reynolds said Great-West Financial now serves every segment of the employer-sponsored retirement plan market: small, mid and large-sized corporate 401(k) clients, government 457 plans and non-profit 403(b) entities as well as the private label recordkeeping business.
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By GlobalDataIn the coming weeks, Great-West Financial expects to make a series of key organizational and leadership announcements related to the combined retirement organization.
