July 2026

Thank you to those of you who were able to attend our recent Planning Ahead with Confidence: Choice, Not Change webinar, which announced the planned sale of Milliman’s retirement administration business to Empower. We appreciate the questions you submitted during the webinar and/or through ongoing conversations with your Milliman consultant. Following is the latest information to keep you informed and address common questions.

The anticipated closing is during the second half of 2026, with the current target being September 2026, subject to customary closing conditions and approvals.

Why Milliman Chose Empower
This next step reflects a shared vision for the future of retirement and workplace benefits—one built on service, innovation, and a continued commitment to helping plan sponsors and participants achieve better outcomes.

Milliman selected Empower because of strong strategic alignment and a shared commitment to delivering an exceptional experience for clients and participants. Once finalized, the combination of Milliman’s and Empower’s retirement administration businesses will bring:
  1. Greater scale to invest in an exceptional experience for plan sponsors and participants
  2. A shared commitment to client service, customized solutions, deep expertise, and long-term relationships
  3. Complementary client profiles and commitment across market segments, including Defined Contribution, Defined Benefit, and Health & Welfare
  4. Broader access to integrated workplace benefits and enhanced capabilities to meet the evolving needs of participants
  5. A shared vision for financial wellness and improving financial outcomes for every individual served
  6. A belief that a financially prepared workforce can be a more productive workforce
WHAT DEFINED CONTRIBUTION (DC) CLIENTS CAN EXPECT
As integration planning progresses, we will provide a clear transition roadmap so Plan Sponsors understand what to expect at each stage. Here’s what you can expect post-close:
  • No changes are planned to your payroll layout or investment lineup.
  • No immediate service changes are planned. Your current Milliman service team is expected to remain intact, and teams will continue supporting clients while benefiting over time from Empower’s broader capabilities and resources.
  • DC plans will migrate into the Empower environment in three waves anticipated to begin in the second quarter of 2027 and conclude in the fourth quarter of 2027. Unlike a typical plan transition, during our plan migrations to the Empower platform, participants typically will not experience a blackout.
  • Plan sponsors and participants will receive advance communications before any transition activity begins; sponsors will receive a copy of participant communications before they are distributed.
  • The planned transition approach is being developed to avoid participant disruption, including no blackout period.
  • You will receive a clear roadmap of the transition timeline, including what to expect and when, once transition planning begins. Additional guidance and suggested messaging will be provided when participant communications begin. Until then, our call center is prepared to answer participant questions that may arise.
Until otherwise notified, Milliman and Empower will continue to operate as separate companies. Your participants will continue to receive communication from Milliman, as scheduled.

PLANNED PLATFORM MIGRATION VS. TRADITIONAL SERVICE PROVIDER CONVERSION
As we look ahead, following are a few key points to keep in mind for a planned migration vs. a traditional conversion to a new service provider. The migration process from Milliman’s recordkeeping platform to Empower is intended to support a more seamless experience while preserving important plan knowledge, participant continuity and service consistency.

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UPCOMING PLAN SPONSOR WEBINAR SERIES
To help you better understand Empower’s capabilities and what to expect, Milliman will continue to host webinars with key Milliman leaders and guest speakers from Empower.
  • Innovating and Integrating Benefits
  • Tuesday, August 11, 1:00 p.m. Central
  • Overview of Empower’s Personal Dashboard, retirement planning, advice, budgeting tools and financial wellness resources for your participants
  • ​Register Now
  • Commitment to Service
  • Tuesday, August 25, 10:00 a.m. Central
  • Review of Empower’s service model and Plan Service Center tools and resources
  • ​Register Now
Note: If you miss a live event, the same link may be used to watch the replay.

OUR COMMITMENT
Throughout this process, Milliman remains focused on delivering the high level of service, expertise, and partnership clients expect. We are excited about the opportunities this planned transaction creates and look forward to sharing more in the months ahead.

For questions, please contact your Milliman Relationship Manager.

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