November 14, 2014 – Empower has won the recordkeeping portion of Apple Inc.’s 401(k) account.
The Denver, Colo.-based 401(k) recordkeeper headed by Bob Reynolds wrested Cupertino, Calif.based Apple’s giant $3.5 billion account from The Charles Schwab Corp.
Schwab has been the recordkeeper for that plan sponsor and its 70,000 participants since 2010.
Consultant Mercer Consulting remains the advisor to the plan, although the New York firm declined to respond to a request for comment. Schwab has been shedding big recordkeeping contracts.
Though neither Empower nor Schwab would confirm that the transfer is in the works, multiple sources did confirm it. Industry sources say that Boston-based Fidelity Investments Inc. was a finalist for the Apple plan as well.
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