If you've ever wondered who owns Empower Retirement, the short answer is Great-West Lifeco, a Canadian financial holding company controlled by Power Corporation of Canada. That surprises many people because Empower is one of the largest retirement plan providers in the United States, serving millions of American savers.
The problem is that ownership is layered across multiple parent companies, and few savers know how those layers work — or why it matters for their 401(k). This article breaks down who owns Empower Retirement in five easy facts, explains what it means for your account, and shows you exactly where to verify the details yourself.
Fact 1: Empower Is Owned by Great-West Lifeco
If you want to know who owns Empower Retirement, start here: Empower Retirement is a division of Empower Annuity Insurance Company of America, which is a wholly owned subsidiary of Great-West Lifeco, a Canadian insurance and wealth management holding company. So when people ask who owns Empower Retirement, the first link in the chain is this Toronto-based parent.
Great-West Lifeco operates retirement and asset management brands across North America, Europe, and Asia. Its U.S. retirement business was historically run as Great-West Financial before being rebranded under the Empower name. Anyone researching who owns Empower Retirement will quickly find that this parent company is the key to the answer.
How to apply this: Visit FINRA BrokerCheck and search "Empower" to confirm the firm's current corporate registration and regulators.
Fact 2: Power Corporation of Canada Sits at the Top
To fully understand who owns Empower Retirement, you have to look one level higher. Great-West Lifeco is majority controlled by Power Corporation of Canada, a Montreal-based conglomerate led by the Desmarais family. Power Corporation holds a controlling interest through its ownership structure, which means ultimate voting power over Empower traces back to this family-controlled group.
This matters because U.S. retirement savers are often surprised that a household-name 401(k) provider is ultimately Canadian-controlled. There is nothing improper about it — foreign ownership of U.S. insurers is common — but it explains Empower's cross-border management style and its ongoing acquisitions of U.S. competitors.
How to apply this: Check Empower's own "About" page and investor disclosures, which list Great-West Lifeco as the parent company, so you're relying on primary sources rather than rumors about who owns Empower Retirement.
Fact 3: Empower Was Built Through Major Acquisitions
Empower didn't grow by accident. In 2018, Great-West Lifeco acquired the retirement plan business of JPMorgan Chase, and it was rebranded as Empower Retirement. In 2022, the company acquired Personal Capital, a digital wealth manager and robo-advisor, and later retired the Personal Capital brand in favor of a single "Empower" name.
The result is a provider that reports serving millions of retirement plan participants and managing trillions of dollars in administered assets. The acquisition history is central to the question of who owns Empower Retirement, because each deal changed the company's size and structure.
Exact figures change each year, so treat any number you see as a snapshot of when it was published.
How to apply this: If you have an old statement showing "JPMorgan" or "Personal Capital," the account has likely migrated — log in through the current Empower portal to consolidate your view.
Fact 4: Empower Annuity Insurance Company of America Is the Legal Entity
When you read plan documents, the name that actually matters is Empower Annuity Insurance Company of America, formerly Great-West Life & Annuity Insurance Company. This is the legal entity that holds state insurance licenses, issues annuity contracts, and is regulated by state insurance departments plus federal agencies for retirement plans.
Understanding who owns Empower Retirement means understanding that the brand and the legal entity are two different things.
| Entity | Role in the chain | What to check |
|---|---|---|
| Power Corporation of Canada | Ultimate controlling shareholder | Annual report disclosures |
| Great-West Lifeco | Parent holding company | Investor relations pages |
| Empower Annuity Insurance Co. of America | U.S. insurer and plan administrator | State insurance department license |
| Empower (brand) | Customer-facing name | Plan fee disclosures |
How to apply this: Match the legal entity name on your 401(k) statement against your state's insurance department records to confirm you're dealing with the licensed insurer.
Fact 5: You Can Verify Ownership Yourself in Minutes
You don't have to take anyone's word for who owns Empower Retirement. Three free, official tools let you confirm the ownership and regulatory standing of any provider, including Empower.
- Use SEC EDGAR to search filings from Great-West Lifeco and related entities for acquisition and ownership disclosures.
- Use FINRA BrokerCheck to review registration history, licenses, and any disciplinary record for Empower broker-dealer entities.
- Use the U.S. Department of Labor's EBSA resources to understand your rights as a plan participant and how fiduciary rules protect you.
As the U.S. Department of Labor's Employee Benefits Security Administration explains in its guidance on retirement plans, "plan fiduciaries must act solely in the interest of participants" — ownership structure doesn't change that legal duty.
How to apply this: Bookmark BrokerCheck and run a search on any provider before rolling over funds, so questions about who owns Empower Retirement never block a decision.
Frequently Asked Questions About who owns empower retirement
Who is the CEO of Empower Retirement?
Empower is led by Edmund F. Murphy III, who has served as president and CEO since 2015 and guided the company's rebrand and acquisitions. Executives can change, so confirm current leadership on Empower's official website. If you're tracking who owns Empower Retirement, remember the CEO reports to the Great-West Lifeco board, not to U.S. shareholders.
Is Empower Retirement a Canadian company?
It's a U.S.-registered insurer with Canadian ultimate ownership. Empower Annuity Insurance Company of America is licensed in the United States and regulated here, but its parent, Great-West Lifeco, is Canadian. When reviewing who owns Empower Retirement, think "U.S. operations, Canadian parent" — your contract is governed by U.S. law either way.
What happened to Personal Capital after the acquisition?
Personal Capital became part of Empower and was fully rebranded under the Empower name in 2023. If you search who owns Empower Retirement and find Personal Capital mentioned, it's now the same company. Old Personal Capital logins were migrated, and users with linked brokerage accounts were transitioned to Empower's platform.
Does foreign ownership put my 401(k) at risk?
No. Foreign ownership of a U.S. insurer doesn't change your legal protections. Assets in your 401(k) are held for your benefit, and the insurer is regulated by state insurance commissioners and federal rules. The question of who owns Empower Retirement affects corporate strategy, not the safety of your plan assets.
How does Empower compare to Fidelity or Vanguard in ownership?
Fidelity is privately held by the Johnson family, Vanguard is owned by its own funds' investors, and Empower is held by Great-West Lifeco under Power Corporation. Each structure shapes pricing differently. Researching who owns Empower Retirement alongside these peers helps you understand why fee structures and services differ between the three giants.
Conclusion: Know Who's Behind Your 401(k)
Understanding who owns Empower Retirement comes down to one chain: Empower Annuity Insurance Company of America sits under Great-West Lifeco, which is controlled by Power Corporation of Canada. Here are the takeaways:
- Empower is Canadian-owned but fully U.S.-regulated and licensed.
- The brand was built through acquisitions, including JPMorgan's retirement business and Personal Capital.
- Your plan protections come from U.S. law, not the parent company's nationality.
- Free tools like BrokerCheck and EDGAR let you verify who owns Empower Retirement yourself.
Your next step: log into your account, confirm the legal entity on your statement, and run one BrokerCheck search today so you know exactly who stands behind your savings.
