White Plains, N.Y.-based Pentegra Retirement Services has purchased Advanced Pension Solutions, a third-party retirement plan administration firm in Blacklick, Ohio and Louisville, Ky.
"This agreement fits very well with Pentegra's plan for continued growth in the third party administrative services area. Consistent with other acquisitions over the last several years, this arrangement supports our strategic objective of expanding market share. Along with its strong administrative capabilities, the acquisition of Advanced Pension Solutions adds even greater regional depth and scale to the Pentegra organization, and further broadens our bench strength, capabilities and services," said Robert Albanese, president and CEO of Pentegra. "Advanced Pension Solutions brings a unique combination of technology and retirement plan consulting services that integrates both people and processes. Their approach to providing retirement plan solutions really complements our service strategy."
Albanese will oversee the combined entity and Cherie Beirau, president of Advanced Pension Solutions, will serve as senior regional vice president, leading Pentegra's TPA operations.
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"We are very pleased to have reached this agreement with Pentegra," Beirau said. "While we will continue to offer the same core competency services, our relationship with Pentegra will provide us with greater flexibility to meet the growing and changing needs of financial advisors and plan sponsors, and capitalize on the deep bench strength and experience that Pentegra's team offers."
Beirau added that, "Pentegra's business goals and corporate culture fit well with our organization and the principles we value. There were also strong synergies in terms of systems—particularly the use of Relius and Pension Pro systems. We believe that our clients and advisor-partners will be well served by this transaction."
With this acquisition, about 20 Advanced Pension Solutions employees will join the Pentegra organization. Clients of Advanced Pension Solutions will continue to be serviced by their current team, while employees will be able to take advantage of the broader Pentegra resources.
Pentegra Retirement Services is a leading provider of retirement plan solutions to organizations nationwide.
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