Empower Retirement and ASAE launch new retirement trust for associations and nonprofit organizations
GREENWOOD VILLAGE, Colorado, March 3, 2016 — Empower Retirement today announced the launch of a new retirement trust with the American Society of Association Executives (ASAE), which represents more than 21,000 association professionals and industry partners representing more than 9,300 organizations.
ASAE's organizational members are trade associations and individual membership societies "that represent almost every sector of the economy and countless professions," according to ASAE. The organization is composed of association professionals and industry partners that "lead, manage, and work in or partner with associations and other nonprofit organizations."
The ASAE Retirement Trust is an offering that has been created by ASAE, through its subsidiary ASAE Business Services, Inc. (ABSI).
"We believe that it's crucial for more workers to have the ability to save for a retirement through an employer-sponsored savings plan," said Edmund F. Murphy III, President of Empower Retirement. "ASAE is taking a commendable step with the creation of the ASAE Retirement Trust."
Recent survey results from the Empower Institute shows that preparedness for retirement, as represented through one's Lifetime Income Score, increases dramatically when an individual has access to a workplace savings plan.1
"We wanted to build a retirement program that's unique to the association market and reflects the values of our community. The ASAE Retirement Trust delivers essential features, customized for the association market, and provides experts who will advise and monitor investment choices and take care of plan administration," said ASAE President and CEO John H. Graham, IV, FASAE, CAE. "Through the ASAE Retirement Trust, organizations gain the ability to deliver a fantastic benefit to their current employees and bolster their appeal among prospective employees."
The new program, which is classified as a master trust, is open to all ASAE members and any organization that is eligible to become a member or has individuals on staff that are eligible for ASAE membership.
Empower was selected to market and distribute the ASAE Retirement Trust after a competitive RFP process.
For more information about ASAE Retirement Trust visit asaeRetirementTrust.org.
Headquartered in metro Denver, Empower Retirement administers $411 billion in assets for 7.6 million participants. It is the nation's second-largest retirement plan record keeper by total participants (Pensions & Investments, March 2015). Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans, small, midsize, and large corporate 401(k) clients, non-profit 403(b) entities and private-label recordkeeping clients. For more information, please visit www.Empower-Retirement.com.
About ASAE: The Center for Association Leadership
ASAE is a membership organization of more than 21,000 association executives and industry partners representing 9,300 organizations. Its members manage leading trade associations, individual membership societies and voluntary organizations across the United States and in nearly 50 countries around the world. With support of the ASAE Foundation, a separate nonprofit entity, ASAE is the premier source of learning, knowledge and future-oriented research for the association and nonprofit profession, and provides resources, education, ideas and advocacy to enhance the power and performance of the association and nonprofit community. For more information about ASAE, visit asaecenter.org.
About ASAE Business Services, Inc.
The mission of ASAE Business Services, Inc. (ABSI), is to be the trusted source for essential business services for associations and nonprofits. The wholly-owned subsidiary of ASAE, ABSI supports ASAE's efforts to promote excellence in association management. For more information about ABSI, please visit absisolutions.com.
Stephen Gawlik – 303-737-0899 (office), 617-417-4408 (cell)
To learn more about how we’re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.
1. Source: Lifetime Income Score, “Lifetime Income Score V: Optimism and opportunity”