Page 27 - DCAC Nov 2025 Files

Empower Institutional Separate Accounts (ISAs)

• Institutional separate accounts (also known as insurance company separate accounts) are an
insurance company version of a CIT. Like a CIT, institutional separate accounts pool assets from more
than one retirement plan to achieve economies of scale and pricing.

• Characteristics:

– Invest assets in a specific investment strategy, similar to mutual funds or CITs

– Are valued daily like mutual funds and CITs

– Can invest in a wide-range of strategies and asset classes

– From an investor’s point-of-view, operate just like mutual funds or any other commingled vehicle

– Are subject to ERISA standards, providing an additional level of protections for investors

– Are as liquid as mutual funds, including when traded inside custom model portfolios

• Empower’s Institutional Separate Accounts offer a menu of more than 100 separate account
strategies across 49 asset management partners, totaling approximately $50 billion of AUM*.

• There is one potential standard ISA for the County:

– Empower – American Funds EUPAC ISA (Capital Group EuroPacific Growth)

* Empower footnote: As of June 30, 2024. Includes both Institutional Select separate accounts issued by Empower Annuity Insurance Company (EAIC) and
institutional separate accounts issued and managed by EAIC in its capacity as a limited ERISA 3(38) asset manager under the Manager of Managers program.

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