Pentegra Retirement Services announced Tuesday its acquisition of Advanced Pension Solutions Inc., a third-party retirement plan administration firm.
Based in White Plains, N.Y., Pentegra offers a number of retirement programs including 401(k) plans, defined benefit pension plans and cash balance plans.
Advanced Pension Solutions in Blacklick, Ohio, currently manages the retirement plans of over 550 clients, according to Pentegra.
Pentegra President/CEO Robert Albanese will oversee the combined entity and Cherie Beirau, president of Advanced Pension Solutions, will serve as senior regional vice president, leading Pentegra’s Third Party Administrator Operations.
With the acquisition, approximately 20 employees in Blacklick and Louisville, Ky., will join the Pentegra organization, the company said.
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, according to Pentegra.
“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,” Albanese said.
Beirau said Advanced Pension Solutions is pleased with the agreement.
“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 said.
In September, Pentegra announced that Albanese will retire on June 30. John E. Pinto, who is currently serving as executive vice president and chief operating officer, was selected to succeed him. Pinto will also serve on Pentegra’s board when he takes the helm, the company said.