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      <regFileNumber>811-03364</regFileNumber>
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      <regLei>RUYOMHMDMSPQ01U66388</regLei>
      <regStreet1>8515 E Orchard Road</regStreet1>
      <regCity>Greenwood Village</regCity>
      <regStateConditional regCountry="US" regState="US-CO"/>
      <regZipOrPostalCode>80111</regZipOrPostalCode>
      <regPhone>866-831-7129</regPhone>
      <seriesName>Empower Lifetime 2040 Fund</seriesName>
      <seriesId>S000053680</seriesId>
      <seriesLei>549300OY1LSFQSFEHR81</seriesLei>
      <repPdEnd>2024-12-31</repPdEnd>
      <repPdDate>2024-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>202956.420000000000</totLiabs>
      <netAssets>471914751.700000000000</netAssets>
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      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
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        <name>EMPOWER FUNDS INC</name>
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        <name>EMPOWER FUNDS INC</name>
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        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
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      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
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      </invstOrSec>
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        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
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        <valUSD>14691245</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
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          <isin value="US39137E4677"/>
          <ticker value="MXHTX"/>
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        <valUSD>21631040</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>HIGH YIELD BOND-INST</title>
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          <isin value="US39137E4834"/>
          <ticker value="MXFRX"/>
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        <curCd>USD</curCd>
        <valUSD>8444069</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
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          <ticker value="MXERX"/>
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        <valUSD>19609502</valUSD>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>MULTI MGR SCG FUND INST</title>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FIDELITY</name>
        <lei>S4W85DGKOEJ24DPRB829</lei>
        <title>FIDELITY EMRG MKT</title>
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          <isin value="US3161463316"/>
          <ticker value="FPADX"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18607560</valUSD>
        <pctVal>3.9429918079</pctVal>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>MFS INTL VALUE FUND-INST</title>
        <cusip>39137E442</cusip>
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          <isin value="US39137E4420"/>
          <ticker value="MXJVX"/>
        </identifiers>
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        <curCd>USD</curCd>
        <valUSD>24470415.3</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>MULTI-MAN LRG CAP GROWTH-INST</title>
        <cusip>39137E475</cusip>
        <identifiers>
          <isin value="US39137E4750"/>
          <ticker value="MXGSX"/>
        </identifiers>
        <balance>2666616.5</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30986084</valUSD>
        <pctVal>6.5660342018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>EMPOWER FUNDS, INC.</ncom:nameOfApplicant>
      <ncom:signature>/s/Kelly New</ncom:signature>
      <ncom:signerName>Kelly New</ncom:signerName>
      <ncom:title>Treasurer, Empower Funds, Inc.</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
