Empower Retirement will make no layoffs for reasons related to the COVID-19 pandemic, Edmund F. Murphy III, president and CEO, told the firm's 6,200 employees.
"By making this commitment, we are also making a vow to our clients that you will be there to deliver on our promise to them," Mr. Murphy said Thursday in a statement to employees. "We will need to have the whole team actively engaged to serve the 40,000 plan sponsor clients and 9.6 million individuals who have put their trust in us."
He added, "As the world heals from the crisis, as employers re-open their doors and some sense of normalcy eventually returns to our nation, Empower will be poised to achieve greater heights for our clients."
The Greenwood Village, Colo.-based firm is the nation's second-largest record keeper with $631.7 billion in record-keeping assets as of Sept. 30, according to Pensions & Investments' latest survey of the largest record keepers.