Empower Retirement to acquire Truist Financial's recordkeeping business

Great-West Lifeco Inc. subsidiary Empower Retirement LLC will acquire the heritage SunTrust 401(k) recordkeeping business of Truist Financial Corp., for undisclosed terms.

The business includes approximately 300 retirement plans consisting of more than 73,000 plan participants and $5 billion in plan assets. Empower currently provides recordkeeping services for Truist through its private-label retirement plan unit, Empower Institutional.

The transaction is expected to complete during the first quarter.

Resources Investment Advisors LLC, which does business as OneDigital Investment Advisors, will serve as the adviser to a majority of the plans that Empower will administer.