The Colorado Public Employees Retirement Association (PERA) tabbed Empower Retirement to be the recordkeeper for its pension and 401(k) plans worth $5 billion.

PERA is leaving Voya Financial, Inc., which has had the contract since 2004. With it expiring in 2021, PERA put out a request for bids in December.

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More than 95,000 state employees have defined benefit (pension) plans or defined contribution plans, including 401(k) or 457(b) offerings. Those employees include educators, first responders and government workers.

“Empower was selected by the PERA Board for its customer service, experience with large public plans like PERA, mobile-friendly technology tools and modern approach to communicating with members,” according to a March 19 email to association members.

Greenwood Village-based Empower employs about 2,900 in Colorado and is well-known for its naming rights deal for Empower Field and Mile High.

“We are proud to serve more than 2.8 million public sector workers who are relying on us to help them get ready for retirement,” said Richard Linton, president of Empower’s Workplace Solutions, in a statement. “We are honored to have this chance to serve Colorado voters.”

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The company also holds 5,500 retirement plans for more than 227,000 Coloradans worth more $20 billion in assets, according to Empower.

“We strive to ensure we’re offering the best investment options, financial education, and customer service to our members, and look forward to partnering with Empower to improve the experience and outcomes,” PERA Executive Director Ron Baker said in a statement.

After the contracts are all finalized, new plans should be in place by early 2022.