Empower, a US retirement services subsidiary of Winnipeg-based Great-West Lifeco Inc. (TSX: GWO), closed its acquisition of Milliman, Inc.'s retirement plan and benefits administration business on September 2, 2026. The transaction was first announced on June 30, 2026, and the acquisition expands Empower's capabilities in the defined benefit marketplace and advances the company's strategy of delivering integrated workplace benefits solutions. Empower acquired the business for a total consideration of $340 million. Approximately 800 Milliman employees joined Empower as part of the transaction, and with completion Empower added approximately 400 defined benefit plans representing approximately 790,000 participants and roughly US$80 billion in client assets, along with more than 1,100 defined contribution plans and 100 health and welfare administration clients. Milliman is retaining its retirement and healthcare actuarial consulting business and expects to enter a strategic partnership with Empower following the close.