CUNA Mutual Group announced today that it will acquire retirement plan record keeper CPI Qualified Plan Consultants Inc. to boost the company's servicing to 7,500 retirement plans with nearly $10 billion in assets under administration.
The Great Bend, Kan.-based CPI is the largest employee-owned, third-party administrator in the United States, according to CUNA Mutual. It administers a variety of employee benefit plans, including 401(k), profit-sharing, money purchase, 403(b) retirement plans, 457(b), flexible benefit, and nonqualified deferred compensation retirement plans. The company also provides payroll services and 403(b) common remitter and compliance services.
CPI provides administrative services to more than 3,600 clients nationwide with plan assets under administration of approximately $5 billion. CUNA Mutual manages more than 3,300 retirement plans with plan assets totaling nearly $5 billion. Incorporated in 1972, CPI has more than 400 employees.
"It's an extremely good fit-culturally, operationally and financially," said Kevin Thompson, CUNA Mutual senior vice president of asset accumulation products. "Our customers will not notice any changes. We will operate as business-as-usual to avoid any disruption. Over time, we will look for ways to leverage each other's strengths."
The sale is expected to close June 30. Terms of the cash transaction are not being disclosed, CUNA Mutual said.