Retirement Plan Series Account of Empower Annuity Insurance of America Co.

04/14/2026 | Press release | Distributed by Public on 04/14/2026 07:45

Financial Statements by Insurance Company (Form N-VPFS)



Retirement Plan Series Account
of Empower Annuity Insurance
Company of America
Annual Report
December 31, 2025

RETIREMENT PLAN SERIES ACCOUNT OF
EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2025
INVESTMENT DIVISIONS
Empower Bond Index Fund - Investor Class Empower International Value Fund - Investor Class Empower Mid Cap Value Fund - Investor Class Empower Multi-Sector Bond Fund - Investor Class Empower S&P 500® Index Fund - Investor Class
ASSETS:
Investments at fair value (1) $ 408,606 $ 1,071,096 $ 2,888,766 $ 1,833,822 $ 8,921,406
Due from (due to) the Company - - - - -
Receivable from fund shares sold - - - - 101
Total Assets 408,606 1,071,096 2,888,766 1,833,822 8,921,507
LIABILITIES:
Redemptions payable - - - - 101
Total Liabilities - - - - 101
NET ASSETS $ 408,606 $ 1,071,096 $ 2,888,766 $ 1,833,822 $ 8,921,406
NET ASSETS REPRESENTED BY:
Accumulation units $ 408,606 $ 1,071,096 $ 2,888,766 $ 1,833,822 $ 8,921,406
ACCUMULATION UNITS OUTSTANDING 13,477 18,900 20,553 24,450 291,903
UNIT VALUE (ACCUMULATION) $ 30.32 $ 56.67 $ 140.55 $ 75.00 $ 30.56
(1) Cost of investments: $ 424,287 $ 838,975 $ 3,607,596 $ 1,811,903 $ 5,423,872
Shares of investments: 31,383 67,492 205,314 135,438 202,944
The accompanying notes are an integral part of these financial statements.









RETIREMENT PLAN SERIES ACCOUNT OF
EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2025
INVESTMENT DIVISIONS
Empower S&P Small Cap 600® Index Fund - Investor Class Empower Short Duration Bond Fund - Investor Class Empower Small Cap Value Fund - Investor Class Empower T. Rowe Price Mid Cap Growth Fund - Investor Class Empower U.S. Government Securities Fund - Investor Class
ASSETS:
Investments at fair value (1) $ 2,364,791 $ 146,259 $ 4,697,320 $ 6,226,539 $ 501,243
Due from (due to) the Company 50 - 6 - -
Receivable from fund shares sold 99 - - - -
Total Assets 2,364,940 146,259 4,697,326 6,226,539 501,243
LIABILITIES:
Redemptions payable 99 - - - -
Total Liabilities 99 - - - -
NET ASSETS $ 2,364,841 $ 146,259 $ 4,697,326 $ 6,226,539 $ 501,243
NET ASSETS REPRESENTED BY:
Accumulation units $ 2,364,841 $ 146,259 $ 4,697,326 $ 6,226,539 $ 501,243
ACCUMULATION UNITS OUTSTANDING 15,263 5,177 25,700 38,497 16,907
UNIT VALUE (ACCUMULATION) $ 154.94 $ 28.25 $ 182.78 $ 161.74 $ 29.65
(1) Cost of investments: $ 2,341,076 $ 144,707 $ 3,270,033 $ 4,689,820 $ 547,958
Shares of investments: 183,175 13,943 117,964 163,255 45,076
The accompanying notes are an integral part of these financial statements.






RETIREMENT PLAN SERIES ACCOUNT OF
EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2025
INVESTMENT DIVISIONS
Federated Hermes Government Obligations - Service Shares
ASSETS:
Investments at fair value (1) $ 4,654,737
Due from (due to) the Company 61
Receivable from fund shares sold -
Total Assets 4,654,798
LIABILITIES:
Redemptions payable -
Total Liabilities -
NET ASSETS $ 4,654,798
NET ASSETS REPRESENTED BY:
Accumulation units $ 4,654,798
ACCUMULATION UNITS OUTSTANDING 437,055
UNIT VALUE (ACCUMULATION) $ 10.65
(1) Cost of investments: $ 4,654,737
Shares of investments: 4,654,737
The accompanying notes are an integral part of these financial statements.










RETIREMENT PLAN SERIES ACCOUNT OF
EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA
STATEMENT OF OPERATIONS
For the year ended December 31, 2025
INVESTMENT DIVISIONS
Empower Bond Index Fund - Investor Class Empower International Value Fund - Investor Class Empower Mid Cap Value Fund - Investor Class Empower Multi-Sector Bond Fund - Investor Class Empower S&P 500® Index Fund - Investor Class
INVESTMENT INCOME:
Dividends $ 11,064 $ 15,611 $ 126,477 $ 58,461 $ 25,133
EXPENSES:
Mortality and expense risk 425 592 1,204 476 4,116
NET INVESTMENT INCOME (LOSS) 10,639 15,019 125,273 57,985 21,017
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain distributions - 45,005 45,633 - 9,356
Net realized gain (loss) on sale of fund shares (3,397) 23,125 95,355 (9,843) 1,017,811
Change in unrealized appreciation (depreciation) on investments 18,573 236,296 (46,023) 85,313 366,383
Net realized and unrealized gain (loss) on investments 15,176 304,426 94,965 75,470 1,393,550
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$ 25,815 $ 319,445 $ 220,238 $ 133,455 $ 1,414,567
The accompanying notes are an integral part of these financial statements.












RETIREMENT PLAN SERIES ACCOUNT OF
EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA
STATEMENT OF OPERATIONS
For the year ended December 31, 2025
INVESTMENT DIVISIONS
Empower S&P Small Cap 600® Index Fund - Investor Class Empower Short Duration Bond Fund - Investor Class Empower Small Cap Value Fund - Investor Class Empower T. Rowe Price Mid Cap Growth Fund - Investor Class Empower U.S. Government Securities Fund - Investor Class
INVESTMENT INCOME:
Dividends $ 51,487 $ 4,382 $ - $ - $ 13,079
EXPENSES:
Mortality and expense risk 1,516 276 2,640 3,127 610
NET INVESTMENT INCOME (LOSS) 49,971 4,106 (2,640) (3,127) 12,469
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain distributions 116,805 - 23,028 104,628 -
Net realized gain (loss) on sale of fund shares (19,601) 188 304,010 397,188 (10,121)
Change in unrealized appreciation (depreciation) on investments (43,164) 3,051 (178,152) (328,844) 29,809
Net realized and unrealized gain (loss) on investments 54,040 3,239 148,886 172,972 19,688
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$ 104,011 $ 7,345 $ 146,246 $ 169,845 $ 32,157
The accompanying notes are an integral part of these financial statements.








RETIREMENT PLAN SERIES ACCOUNT OF
EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA
STATEMENT OF OPERATIONS
For the year ended December 31, 2025
INVESTMENT DIVISIONS
Federated Hermes Government Obligations - Service Shares
INVESTMENT INCOME:
Dividends $ 184,247
EXPENSES:
Mortality and expense risk 2,962
NET INVESTMENT INCOME (LOSS) 181,285
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain distributions -
Net realized gain (loss) on sale of fund shares -
Change in unrealized appreciation (depreciation) on investments -
Net realized and unrealized gain (loss) on investments -
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$ 181,285
The accompanying notes are an integral part of these financial statements.

RETIREMENT PLAN SERIES ACCOUNT OF
EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA
STATEMENT OF CHANGES IN NET ASSETS
For the year ended December 31, 2025
INVESTMENT DIVISIONS
Empower Bond Index Fund - Investor Class Empower International Value Fund - Investor Class Empower Mid Cap Value Fund - Investor Class Empower Multi-Sector Bond Fund - Investor Class Empower S&P 500® Index Fund - Investor Class
OPERATIONS:
Net investment income (loss) $ 10,639 $ 15,019 $ 125,273 $ 57,985 $ 21,017
Realized gain distributions - 45,005 45,633 - 9,356
Net realized gain (loss) on sale of fund shares (3,397) 23,125 95,355 (9,843) 1,017,811
Change in unrealized appreciation (depreciation) on investments 18,573 236,296 (46,023) 85,313 366,383
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 25,815 319,445 220,238 133,455 1,414,567
CONTRACT TRANSACTIONS:
Purchase payments received - - 2,150 150 6,539
Transfers for contract benefits and terminations (44,724) (101,346) (391,278) (101,945) (1,762,322)
Net transfers 1,538 26,247 35,392 157,765 (51,855)
Contract maintenance charges (44) (61) (165) (70) (594)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT TRANSACTIONS (43,230) (75,160) (353,901) 55,900 (1,808,232)
TOTAL INCREASE (DECREASE) IN NET ASSETS (17,415) 244,285 (133,663) 189,355 (393,665)
NET ASSETS:
Beginning of period 426,021 826,811 3,022,429 1,644,467 9,315,071
End of period $ 408,606 $ 1,071,096 $ 2,888,766 $ 1,833,822 $ 8,921,406
CHANGES IN UNITS OUTSTANDING:
Units issued 134 753 805 2,425 5,377
Units redeemed (1,653) (2,155) (3,557) (1,671) (70,948)
Net increase (decrease) (1,519) (1,402) (2,752) 754 (65,571)
The accompanying notes are an integral part of these financial statements.






RETIREMENT PLAN SERIES ACCOUNT OF
EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA
STATEMENT OF CHANGES IN NET ASSETS
For the year ended December 31, 2025
INVESTMENT DIVISIONS
Empower S&P Small Cap 600® Index Fund - Investor Class Empower Short Duration Bond Fund - Investor Class Empower Small Cap Value Fund - Investor Class Empower T. Rowe Price Mid Cap Growth Fund - Investor Class Empower U.S. Government Securities Fund - Investor Class
OPERATIONS:
Net investment income (loss) $ 49,971 $ 4,106 $ (2,640) $ (3,127) $ 12,469
Realized gain distributions 116,805 - 23,028 104,628 -
Net realized gain (loss) on sale of fund shares (19,601) 188 304,010 397,188 (10,121)
Change in unrealized appreciation (depreciation) on investments (43,164) 3,051 (178,152) (328,844) 29,809
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 104,011 7,345 146,246 169,845 32,157
CONTRACT TRANSACTIONS:
Purchase payments received 18,886 - 16,886 2,225 -
Transfers for contract benefits and terminations (559,407) (12,222) (843,636) (842,693) (61,027)
Net transfers (11,111) 1,677 (94,476) (480,640) 2,448
Contract maintenance charges (276) (4) (155) (278) (49)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT TRANSACTIONS (551,908) (10,549) (921,381) (1,321,386) (58,628)
TOTAL INCREASE (DECREASE) IN NET ASSETS (447,897) (3,204) (775,135) (1,151,541) (26,471)
NET ASSETS:
Beginning of period 2,812,738 149,463 5,472,461 7,378,080 527,714
End of period $ 2,364,841 $ 146,259 $ 4,697,326 $ 6,226,539 $ 501,243
CHANGES IN UNITS OUTSTANDING:
Units issued 310 253 363 104 625
Units redeemed (4,139) (620) (5,792) (8,522) (2,688)
Net increase (decrease) (3,829) (367) (5,429) (8,418) (2,063)
The accompanying notes are an integral part of these financial statements.






RETIREMENT PLAN SERIES ACCOUNT OF
EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA
STATEMENT OF CHANGES IN NET ASSETS
For the year ended December 31, 2025
INVESTMENT DIVISIONS
Federated Hermes Government Obligations - Service Shares
OPERATIONS:
Net investment income (loss) $ 181,285
Realized gain distributions -
Net realized gain (loss) on sale of fund shares -
Change in unrealized appreciation (depreciation) on investments -
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 181,285
CONTRACT TRANSACTIONS:
Purchase payments received 4,764
Transfers for contract benefits and terminations (329,301)
Net transfers 429,615
Contract maintenance charges (540)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT TRANSACTIONS 104,538
TOTAL INCREASE (DECREASE) IN NET ASSETS 285,823
NET ASSETS:
Beginning of period 4,368,975
End of period $ 4,654,798
CHANGES IN UNITS OUTSTANDING:
Units issued 53,876
Units redeemed (43,027)
Net increase (decrease) 10,849
The accompanying notes are an integral part of these financial statements.





RETIREMENT PLAN SERIES ACCOUNT OF
EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA
STATEMENT OF CHANGES IN NET ASSETS
For the year ended December 31, 2024
INVESTMENT DIVISIONS
Empower Bond Index Fund - Investor Class Empower Government Money Market Fund - Investor Class (1) Empower International Value Fund - Investor Class Empower Mid Cap Value Fund - Investor Class (2) Empower Multi-Sector Bond Fund - Investor Class
OPERATIONS:
Net investment income (loss) $ 9,563 $ 112,560 $ 12,919 $ 249,391 $ 57,831
Net realized gain (loss) on sale of fund shares (7,822) 1 28,616 26,778 (10,048)
Change in unrealized appreciation (depreciation) on investments 119 - 889 (78,159) 33,233
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 1,860 112,561 42,424 198,010 81,016
CONTRACT TRANSACTIONS:
Purchase payments received 1,700 1,510 2,250 2,800 1,700
Transfers for contract benefits and terminations (53,021) (104,403) (30,470) (227,833) (99,553)
Net transfers (22,152) (5,113,339) 19,269 41,258 (63,703)
Contract maintenance charges (49) (577) (65) (151) (54)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT TRANSACTIONS (73,522) (5,216,809) (9,016) (183,926) (161,610)
TOTAL INCREASE (DECREASE) IN NET ASSETS (71,662) (5,104,248) 33,408 14,084 (80,594)
NET ASSETS:
Beginning of period 497,683 5,104,248 793,403 3,008,345 1,725,061
End of period $ 426,021 $ - $ 826,811 $ 3,022,429 $ 1,644,467
CHANGES IN UNITS OUTSTANDING:
Units issued 106 324 481 350 45
Units redeemed (2,802) (292,544) (792) (1,848) (2,498)
Net increase (decrease) (2,696) (292,220) (311) (1,498) (2,453)
(1) Empower Government Money Market Fund - Investor Class ceased operations on June 14, 2024.
(2) Empower Ariel Mid Cap Value Fund - Investor Class merged into Empower Mid Cap Value Fund - Investor Class on October 25, 2024. Accordingly, activity above reflects activity inclusive of the merger.
The accompanying notes are an integral part of these financial statements.

RETIREMENT PLAN SERIES ACCOUNT OF
EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA
STATEMENT OF CHANGES IN NET ASSETS
For the year ended December 31, 2024
INVESTMENT DIVISIONS
Empower S&P 500® Index Fund - Investor Class Empower S&P Small Cap 600® Index Fund - Investor Class Empower Short Duration Bond Fund - Investor Class Empower Small Cap Value Fund - Investor Class Empower T. Rowe Price Mid Cap Growth Fund - Investor Class
OPERATIONS:
Net investment income (loss) $ 43,564 $ 19,495 $ 6,074 $ (3,082) $ (3,750)
Net realized gain (loss) on sale of fund shares 399,911 100,371 (207) 155,517 580,405
Change in unrealized appreciation (depreciation) on investments 1,392,023 90,824 55 265,061 62,934
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 1,835,498 210,690 5,922 417,496 639,589
CONTRACT TRANSACTIONS:
Purchase payments received 9,272 (1,220) 500 (2,179) 3,425
Transfers for contract benefits and terminations (523,074) (262,172) (33,683) (249,521) (689,613)
Net transfers 439,446 (11,749) 2,738 32,770 43,824
Contract maintenance charges (610) (306) (3) (277) (327)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT TRANSACTIONS (74,966) (275,447) (30,448) (219,207) (642,691)
TOTAL INCREASE (DECREASE) IN NET ASSETS 1,760,532 (64,757) (24,526) 198,289 (3,102)
NET ASSETS:
Beginning of period 7,554,539 2,877,495 173,989 5,274,172 7,381,182
End of period $ 9,315,071 $ 2,812,738 $ 149,463 $ 5,472,461 $ 7,378,080
CHANGES IN UNITS OUTSTANDING:
Units issued 19,115 157 115 266 493
Units redeemed (22,372) (2,221) (1,249) (1,641) (4,917)
Net increase (decrease) (3,257) (2,064) (1,134) (1,375) (4,424)
The accompanying notes are an integral part of these financial statements.


RETIREMENT PLAN SERIES ACCOUNT OF
EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA
STATEMENT OF CHANGES IN NET ASSETS
For the year ended December 31, 2024
INVESTMENT DIVISIONS
Empower U.S. Government Securities Fund - Investor Class Federated Hermes Government Obligations - Service Shares (3)
OPERATIONS:
Net investment income (loss) $ 13,387 $ 112,000
Net realized gain (loss) on sale of fund shares (10,949) 1
Change in unrealized appreciation (depreciation) on investments 1,277 -
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 3,715 112,001
CONTRACT TRANSACTIONS:
Purchase payments received 500 4,011
Transfers for contract benefits and terminations (61,250) (398,480)
Net transfers (12,750) 4,651,443
Contract maintenance charges (58) -
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT TRANSACTIONS (73,558) 4,256,974
TOTAL INCREASE (DECREASE) IN NET ASSETS (69,843) 4,368,975
NET ASSETS:
Beginning of period 597,557 -
End of period $ 527,714 $ 4,368,975
CHANGES IN UNITS OUTSTANDING:
Units issued 21 465,624
Units redeemed (2,671) (39,418)
Net increase (decrease) (2,650) 426,206
(3) Federated Hermes Government Obligations - Service Class commenced operations on June 14, 2024.
The accompanying notes are an integral part of these financial statements.


RETIREMENT PLAN SERIES ACCOUNT OF
EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2025

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Retirement Plan Series Account (the Series Account), a separate account of Empower Annuity Insurance Company of America (the Company), is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and exists in accordance with regulations of the Colorado Division of Insurance. The Series Account, which is an individual variable annuity product, is no longer being sold. The Series Account consists of numerous investment divisions (Investment Divisions), each being treated as an individual accounting entity for financial reporting purposes, and each investing all of its investible assets in the named underlying mutual fund. There are currently no participants receiving an annuity payout.
Under applicable insurance law, the assets and liabilities of each of the Investment Divisions of the Series Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Series Account's assets applicable to the reserves and other contract liabilities with respect to the Series Account is not chargeable with liabilities arising out of any other business the Company may conduct.

Significant Accounting Policies
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Series Account is also an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The following is a summary of the significant accounting policies of the Series Account.
Security Valuation
Mutual fund investments held by the Investment Divisions are valued at the reported net asset values of such underlying mutual funds, which value their investment securities at fair value.
The Series Account classifies its valuations into three levels based upon the observability of inputs to the valuation of the Series Account's investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:
Level 1 - Unadjusted quoted prices for identical securities in active markets.
Level 2 - Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.
Level 3 - Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the reporting entity's own assumptions and would be based on the best information available under the circumstances.
As of December 31, 2025, the only investments of each of the Investment Divisions of the Series Account were in underlying mutual funds that are actively traded, therefore 100% of the investments are valued using Level 1 inputs.
Fund of Funds Structure Risk
Since the Series Account invests directly in underlying funds, all risks associated with the eligible underlying funds apply to the Series Account. To the extent the Series Account invests more of its assets in one underlying fund than another, the Series Account will have greater exposure to the risks of the underlying fund.



Security Transactions and Investment Income
Transactions are recorded on the trade date. Realized gains and losses on sales of investments are determined on the basis of identified cost. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date and the amounts distributed to the Investment Division for its share of dividends and capital gain distributions, if any, are reinvested in additional full and fractional shares of the related mutual funds. Capital gain distributions, if any, received from the underlying mutual funds are recorded as Realized gain distributions within the Net realized and unrealized gain (loss) on investments section of the Statement of Operations of the applicable Investment Divisions.
Contracts in Payout (annuitization period)
Net assets of each Investment Division allocated to contracts in the payout phase are computed according to the 2000 Individual Annuitant Mortality Table. The assumed investment return is 5 percent. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the Series Account by the Company to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the Company. Any adjustments to these amounts are reflected in Adjustments to net assets allocated to contracts in payout phase on the Statement of Changes in Net Assets of the applicable Investment Divisions. In 2025, the Series Account had no contracts in the payout phase.
Federal Income Taxes
The operations of each of the Investment Divisions of the Series Account are included in the federal income tax return of the Company, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). The Company is included in the consolidated federal tax return of Great-West Lifeco U.S. LLC. Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of each of the Investment Divisions of the Series Account to the extent the earnings are credited under the contracts. Based on this, no charge is being made currently to the Series Account for federal income taxes. The Company will periodically review the status of the federal income tax policy in the event of changes in the tax law. A charge may be made in future years for any federal income taxes that would be attributable to the contracts.
Section 817(h) of IRC requires that the investments of the Series Account must be adequately diversified in accordance with Treasury regulations in order to qualify as a life insurance policy under Section 72 of the Code. The Series Account complies with the diversification requirements.
Segment Reporting
In accordance with Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07), the Empower Product Team acts as the Series Account's chief operating decision maker (CODM) and is responsible for assessing performance and allocating resources with respect to the Series Account. The CODM has concluded that each Investment Division of the Series Account operates as a single operating segment based on the fact that each has a single investment strategy as disclosed in its prospectus, against which the CODM assesses the performance, and it is the level at which discrete financial information is available. The financial information provided to and reviewed by the CODM is presented within the Series Account's financial statements.
Application of Recent Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update 2023-09 (ASU 2023-09), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Series Account's adoption of ASU 2023-09 did not have a material impact on the financial statements.
Due from (due to) the Company
Due from (due to) the Company represents the variance between investments and reserves applicable to the Investment Division.



Purchase Payments Received
Purchase payments received from contract owners by the Company are credited as accumulation units, and are reported as Contract Transactions on the Statement of Changes in Net Assets of the applicable Investment Divisions.
Transfers for Contract Benefits and Terminations
Transfers for contract benefits and terminations are payments to contract owners by the Company and are reported as Contract Transactions in the Statement of Changes in Net Assets of the applicable Investment Divisions.
Net Transfers
The amounts reported as Net transfers on the Statement of Changes in Net Assets of the applicable Investment Divisions include transfers between Investment Divisions of the Series Account as well as transfers between other investment options of the Company, not included in the Series Account.
2. PURCHASES AND SALES OF INVESTMENTS
The cost of purchases and proceeds from sales of investments for the year ended December 31, 2025, were as follows:

Investment Division Purchases Sales
Empower Bond Index Fund - Investor Class $ 15,046 $ 47,637
Empower International Value Fund - Investor Class 106,023 121,159
Empower Mid Cap Value Fund - Investor Class 299,170 482,165
Empower Multi-Sector Bond Fund - Investor Class 396,612 282,727
Empower S&P 500® Index Fund - Investor Class 639,698 2,417,557
Empower S&P Small Cap 600® Index Fund - Investor Class 220,931 606,113
Empower Short Duration Bond Fund - Investor Class 13,388 19,831
Empower Small Cap Value Fund - Investor Class 160,880 1,061,879
Empower T. Rowe Price Mid Cap Growth Fund - Investor Class 136,582 1,356,467
Empower U.S. Government Securities Fund - Investor Class 32,573 78,732
Federated Hermes Government Obligations - Service Shares 1,018,500 732,738
3. EXPENSES AND RELATED PARTY TRANSACTIONS
Deductions for Assumption of Mortality and Expense Risks
The Company deducts an amount, computed and accrued daily, from the unit value of each Investment Division of the Series Account, equal to an annual rate of 0.75% (category A), 0.50% (category O), 0.25% (category U), or 0.00% (category Z) depending on the size of the contract. These charges compensate the Company for its assumption of certain mortality, death benefit, and expense risks. These charges are recorded as Mortality and expense risk in the Statement of Operations of the applicable Investment Divisions.
Contract Maintenance Charges
The Company deducts from each participant account, a $30 annual maintenance charge on accounts under $5,000 on December 31 of any year. This charge is assessed as a redemption of units and is recorded as Contract maintenance charges on the Statement of Changes in Net Assets of the applicable Investment Divisions.
Charges Incurred for Total or Partial Surrenders
The Company deducts an administrative surrender fee of $50 if the contract is surrendered in whole during the first 12 months and $25 if the contract is surrendered in part during the first 12 months. This charge is recorded as Transfers for contract benefits and terminations on the Statement of Changes in Net Assets of the applicable Investment Divisions.



Deductions for Premium Taxes
The Company may deduct from each contribution any applicable state premium tax, which currently ranges from 0% to 3.5%. This charge is netted with Purchase payments received on the Statement of Changes in Net Assets of the applicable Investment Divisions.
Related Party Transactions
Empower Funds, Inc., funds of which are underlying certain Investment Divisions, is a registered investment company affiliated with the Company. Empower Capital Management, LLC (ECM), a wholly owned subsidiary of the Company, serves as investment adviser to Empower Funds, Inc. Fees are assessed against the average daily net assets of the portfolios of Empower Funds, Inc. to compensate ECM for investment advisory services.
4. SUBSEQUENT EVENTS
Management has reviewed all events subsequent to December 31, 2025, including the estimates inherent in the process of preparing these financial statements through the date the financial statements were issued, April 8, 2026. No subsequent events requiring adjustments or disclosures have occurred.
5. FINANCIAL HIGHLIGHTS
For each Investment Division of the Series Account, the accumulation units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds), and total return ratios for each year or period ended December 31 are included below. Unit values in the financial highlights are presented in order from the unit value associated with the highest expense ratio to the unit value associated with the lowest expense ratio. Because unit values on the Statement of Assets and Liabilities are calculated on an aggregated basis, they may not fall within the ranges presented in the financial highlights.
The Expense Ratios are presented as a range from lowest to highest and represent the annualized contract expenses of the respective Investment Divisions of the Series Account, consisting of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded.
The Total Return amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These returns do not include any expenses assessed through the redemption of units. Investment Divisions with a date notation indicate the effective date that the investment option was available in the Series Account. As the total returns for the Investment Divisions of the Series Account are presented as a range based on product groupings representing the highest and lowest expense ratios, total returns for individual contracts may not fall within the ranges presented.
The Investment Income Ratio represents the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying mutual fund divided by average net assets during the period. It is not annualized for periods less than one year. The ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Investment Division is affected by the timing of the declaration of dividends by the underlying fund in which the Investment Division invests.
At December 31 For the year ended December 31
Units (000s) Unit Value Net Assets (000s) Investment Income Ratio Expense Ratio Total Return Ratio
Lowest - Highest
Empower Bond Index Fund - Investor Class
2025 13 $ 24.83 to $ 31.40 $ 409 2.69 % 0.00 % to 0.75 % 5.82 % to 6.62 %
2024 15 $ 23.47 to $ 29.45 $ 426 2.23 % 0.00 % to 0.75 % 0.07 % to 0.82 %
2023 18 $ 23.45 to $ 29.21 $ 498 2.03 % 0.00 % to 0.75 % 4.24 % to 5.02 %
2022 18 $ 22.50 to $ 27.82 $ 475 1.13 % 0.00 % to 0.75 % (14.33) % to (13.68) %
2021 22 $ 26.26 to $ 32.23 $ 688 0.80 % 0.00 % to 0.75 % (3.11) % to (2.39) %


At December 31 For the year ended December 31
Units (000s) Unit Value Net Assets (000s) Investment Income Ratio Expense Ratio Total Return Ratio
Lowest - Highest
Empower International Value Fund - Investor Class
2025 19 $ 46.26 to $ 57.79 $ 1,071 1.58 % 0.00 % to 0.75 % 38.06 % to 39.10 %
2024 20 $ 33.51 to $ 41.55 $ 827 1.60 % 0.00 % to 0.75 % 4.67 % to 5.46 %
2023 21 $ 32.01 to $ 39.40 $ 793 1.26 % 0.00 % to 0.75 % 17.15 % to 18.03 %
2022 28 $ 27.33 to $ 33.38 $ 920 1.10 % 0.00 % to 0.75 % (15.81) % to (15.18) %
2021 33 $ 32.46 to $ 39.35 $ 1,260 1.75 % 0.00 % to 0.75 % 10.00 % to 10.83 %
Empower Mid Cap Value Fund - Investor Class (1)
2025 21 $ 113.27 to $ 142.47 $ 2,889 4.35 % 0.00 % to 0.75 % 7.51 % to 8.32 %
2024 23 $ 105.35 to $ 131.52 $ 3,022 4.17 % 0.00 % to 0.75 % 6.05 % to 6.85 %
2023 25 $ 99.35 to $ 123.09 $ 3,008 2.42 % 0.00 % to 0.75 % 9.63 % to 10.45 %
2022 27 $ 90.62 to $ 111.45 $ 2,956 4.92 % 0.00 % to 0.75 % (13.59) % to (12.94) %
2021 32 $ 104.87 to $ 128.01 $ 3,984 2.01 % 0.00 % to 0.75 % 25.19 % to 26.13 %
(1) Empower Ariel Mid Cap Value Fund - Investor Class merged into Empower Mid Cap Value Fund - Investor Class on October 25, 2024. Accordingly, activity above reflects activity inclusive of the merger.
Empower Multi-Sector Bond Fund - Investor Class
2025 24 $ 59.83 to $ 75.69 $ 1,834 3.32 % 0.00 % to 0.75 % 7.18 % to 7.98 %
2024 24 $ 55.83 to $ 70.09 $ 1,644 3.53 % 0.00 % to 0.75 % 4.35 % to 5.14 %
2023 26 $ 53.50 to $ 66.67 $ 1,725 3.19 % 0.00 % to 0.75 % 7.08 % to 7.88 %
2022 30 $ 49.96 to $ 61.80 $ 1,831 2.22 % 0.00 % to 0.75 % (12.08) % to (11.42) %
2021 36 $ 56.83 to $ 69.76 $ 2,490 2.34 % 0.00 % to 0.75 % 0.14 % to 0.89 %
Empower S&P 500® Index Fund - Investor Class
2025 292 $ 28.80 to $ 30.69 $ 8,921 0.28 % 0.00 % to 0.75 % 16.42 % to 17.30 %
2024 357 $ 24.74 to $ 26.16 $ 9,315 0.56 % 0.00 % to 0.75 % 23.40 % to 24.33 %
2023 361 $ 20.05 to $ 21.04 $ 7,555 0.45 % 0.00 % to 0.75 % 24.67 % to 25.62 %
2022 376 $ 16.08 to $ 16.75 $ 6,280 0.35 % 0.00 % to 0.75 % (19.16) % to (18.55) %
2021 442 $ 19.89 to $ 20.57 $ 9,064 0.37 % 0.00 % to 0.75 % 27.24 % to 28.19 %
Empower S&P Small Cap 600® Index Fund - Investor Class
2025 15 $ 125.91 to $ 158.30 $ 2,365 2.11 % 0.00 % to 0.75 % 4.77 % to 5.55 %
2024 19 $ 120.19 to $ 149.97 $ 2,813 0.76 % 0.00 % to 0.75 % 7.13 % to 7.94 %
2023 21 $ 112.19 to $ 138.94 $ 2,877 0.54 % 0.00 % to 0.75 % 14.61 % to 15.46 %
2022 24 $ 97.89 to $ 120.33 $ 2,787 0.46 % 0.00 % to 0.75 % (17.14) % to (16.51) %
2021 28 $ 118.13 to $ 144.13 $ 4,005 2.00 % 0.00 % to 0.75 % 25.00 % to 25.94 %
Empower Short Duration Bond Fund - Investor Class
2025 5 $ 23.95 to $ 29.73 $ 146 2.97 % 0.00 % to 0.75 % 4.51 % to 5.29 %
2024 6 $ 22.91 to $ 28.23 $ 149 4.13 % 0.00 % to 0.75 % 3.45 % to 4.24 %
2023 7 $ 22.15 to $ 27.09 $ 174 2.35 % 0.00 % to 0.75 % 4.89 % to 5.67 %
2022 7 $ 21.12 to $ 25.63 $ 178 1.44 % 0.00 % to 0.75 % (4.96) % to (4.25) %
2021 9 $ 22.22 to $ 26.77 $ 236 1.03 % 0.00 % to 0.75 % (0.78) % to (0.03) %


At December 31 For the year ended December 31
Units (000s) Unit Value Net Assets (000s) Investment Income Ratio Expense Ratio Total Return Ratio
Lowest - Highest
Empower Small Cap Value Fund - Investor Class
2025 26 $ 147.99 to $ 186.14 $ 4,697 0.00 % 0.00 % to 0.75 % 3.30 % to 4.08 %
2024 31 $ 143.26 to $ 178.84 $ 5,472 0.00 % 0.00 % to 0.75 % 7.40 % to 8.21 %
2023 33 $ 133.39 to $ 165.27 $ 5,274 0.05 % 0.00 % to 0.75 % 16.93 % to 17.81 %
2022 34 $ 114.07 to $ 140.29 $ 4,726 0.06 % 0.00 % to 0.75 % (10.70) % to (10.03) %
2021 38 $ 127.75 to $ 155.93 $ 5,800 3.33 % 0.00 % to 0.75 % 29.70 % to 30.67 %
Empower T. Rowe Price Mid Cap Growth Fund - Investor Class
2025 38 $ 132.52 to $ 164.10 $ 6,227 0.00 % 0.00 % to 0.75 % 2.22 % to 2.99 %
2024 47 $ 129.64 to $ 159.34 $ 7,378 0.00 % 0.00 % to 0.75 % 8.23 % to 9.05 %
2023 51 $ 119.78 to $ 146.11 $ 7,381 0.00 % 0.00 % to 0.75 % 19.03 % to 19.92 %
2022 55 $ 100.63 to $ 121.84 $ 6,603 0.02 % 0.00 % to 0.75 % (23.37) % to (22.79) %
2021 63 $ 131.32 to $ 157.81 $ 9,845 0.18 % 0.00 % to 0.75 % 13.98 % to 14.83 %
Empower U.S. Government Securities Fund - Investor Class
2025 17 $ 24.37 to $ 30.81 $ 501 2.57 % 0.00 % to 0.75 % 5.80 % to 6.60 %
2024 19 $ 23.04 to $ 28.90 $ 528 2.50 % 0.00 % to 0.75 % 0.00 % to 0.75 %
2023 22 $ 23.04 to $ 28.69 $ 598 2.40 % 0.00 % to 0.75 % 3.67 % to 4.45 %
2022 22 $ 22.22 to $ 27.47 $ 584 1.34 % 0.00 % to 0.75 % (12.74) % to (12.08) %
2021 25 $ 25.47 to $ 31.24 $ 773 0.60 % 0.00 % to 0.75 % (2.88) % to (2.15) %
Federated Hermes Government Obligations - Service Shares (2)
2025 437 $ 10.54 to $ 10.66 $ 4,655 3.88 % 0.00 % to 0.75 % 3.17 % to 3.95 %
2024 426 $ 10.21 to $ 10.26 $ 4,369 2.53 % 0.00 % to 0.75 % 2.13 % to 2.55 %
(2) Federated Hermes Government Obligations - Service Class commenced operations on June 14, 2024.
















REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Contract Owners of Retirement Plan Series Account of Empower Annuity Insurance Company of America and the Board of Directors of Empower Annuity Insurance Company of America
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of the investment divisions listed in Appendix A of Retirement Plan Series Account of Empower Annuity Insurance Company of America (the "Series Account"), as of December 31, 2025, the related statements of operations and changes in net assets for each of the periods indicated in Appendix A, and the related notes, which include the financial highlights (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the investment divisions constituting the Series Account as of December 31, 2025, and the results of their operations and the changes in their net assets for each of the periods indicated in Appendix A in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Series Account's management. Our responsibility is to express an opinion on the Series Account's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Series Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Series Account's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.
/s/ DELOITTE & TOUCHE LLP
Denver, Colorado
April 8, 2026

We have served as the auditor of one or more Empower Annuity Insurance Company of America separate accounts since 1981.










Retirement Plan Series Account of Empower Annuity Insurance Company of America
APPENDIX A
Investment Division Statement of Assets and Liabilities Statement of Operations Statements of Changes in Net Assets
Empower Bond Index Fund - Investor Class
December 31, 2025
For the year ended December 31, 2025
For each of the two years in the period ended December 31, 2025
Empower Government Money Market Fund - Investor Class
N/A
N/A
For the period from January 1, 2024 to June 14, 2024
Empower International Value Fund - Investor Class
December 31, 2025
For the year ended December 31, 2025
For each of the two years in the period ended December 31, 2025
Empower Mid Cap Value Fund - Investor Class
December 31, 2025
For the year ended December 31, 2025
For each of the two years in the period ended December 31, 2025
Empower Multi-Sector Bond Fund - Investor Class
December 31, 2025
For the year ended December 31, 2025
For each of the two years in the period ended December 31, 2025
Empower S&P 500® Index Fund - Investor Class
December 31, 2025
For the year ended December 31, 2025
For each of the two years in the period ended December 31, 2025
Empower S&P Small Cap 600® Index Fund - Investor Class
December 31, 2025
For the year ended December 31, 2025
For each of the two years in the period ended December 31, 2025
Empower Short Duration Bond Fund - Investor Class
December 31, 2025
For the year ended December 31, 2025
For each of the two years in the period ended December 31, 2025
Empower Small Cap Value Fund - Investor Class
December 31, 2025
For the year ended December 31, 2025
For each of the two years in the period ended December 31, 2025
Empower T. Rowe Price Mid Cap Growth Fund - Investor Class
December 31, 2025
For the year ended December 31, 2025
For each of the two years in the period ended December 31, 2025
Empower U.S. Government Securities Fund - Investor Class
December 31, 2025
For the year ended December 31, 2025
For each of the two years in the period ended December 31, 2025
Federated Hermes Government Obligations - Service Shares
December 31, 2025
For the year ended December 31, 2025
For the year ended December 31, 2025 and for the period from June 14, 2024 (commencement of operations) to December 31, 2024









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