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          <ccc>XXXXXXXX</ccc>
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      <regFileNumber>811-03364</regFileNumber>
      <regCik>0000356476</regCik>
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      <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>2026-12-31</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>1175517.710000000000</totLiabs>
      <netAssets>938693802.770000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
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        <name>EMPOWER FUNDS INC</name>
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      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>TEMPLETON GBL BOND FUND-INST</title>
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      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>TROWE PRICE MIDCAP GROWTH-INST</title>
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          <ticker value="MXYKX"/>
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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>
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      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
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      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
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        <title>MULTI MGR SCG FUND INST</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FIDELITY</name>
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        <name>EMPOWER FUNDS INC</name>
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        <title>LOOMIS SAYLES BOND INST</title>
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        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>REAL ESTATE INDEX FUND-INST</title>
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        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>INTERNATIONAL INDEX FUND-INST</title>
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        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>BOND INDEX FUND-INST</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>INFL-PROTECT SEC FUND INST CL</title>
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          <isin value="US39137G2984"/>
          <ticker value="MXIOX"/>
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        <curCd>USD</curCd>
        <valUSD>5551198.5</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EMPOWER FUNDS INC</name>
        <lei>RUYOMHMDMSPQ01U66388</lei>
        <title>EM EQUITY FUND INST CL</title>
        <cusip>39137G330</cusip>
        <identifiers>
          <isin value="US39137G3305"/>
          <ticker value="MXENX"/>
        </identifiers>
        <balance>2112958.5</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26581020</valUSD>
        <pctVal>2.8317029389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JANUS</name>
        <lei>N/A</lei>
        <title>TRITON N</title>
        <cusip>47103D793</cusip>
        <identifiers>
          <isin value="US47103D7930"/>
          <ticker value="JGMNX"/>
        </identifiers>
        <balance>398244.97</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10716772</valUSD>
        <pctVal>1.1416685578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER</name>
        <lei>N/A</lei>
        <title>GUARANTEED FUNDING ACCOUNT</title>
        <cusip>GPFML1001</cusip>
        <identifiers>
          <other otherDesc="In-House" value="GPFML1001"/>
        </identifiers>
        <balance>18206924</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23233856</valUSD>
        <pctVal>2.4751261734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-05-19</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>
