CUNA Mutual Group has struck a deal to buy CPI Qualified PlanConsultants Inc., a retirement plan record keeper.

With the acquisition, CUNA Mutual will service more than 7,500retirement plans with assets under administration nearing $10billion. CPI is the largest employee-owned, third-partyadministrator in the United States, according to CUNA Mutual. Itadministers 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 retirementplans. CPI also provides payroll services, as well as 403(b) commonremitter and compliance services.

Incorporated in 1972, the Great Bend, Kan.-based CPI providesadministrative services to more than 3,600 clients nationwide withplan assets under administration of approximately $5 billion. Thecompany has more than 400 employees. CUNA Mutual currently servesmore than 4,000 plans and 129,000 plan participants. The sale wasexpected to close June 30. Terms of the cash transaction were notdisclosed.

“We are very excited about this acquisition. It's an extremelygood fit-culturally, operationally and financially,” said KevinThompson, CUNA Mutual senior vice president of asset accumulationproducts. “CUNA Mutual and CPI each bring many complementarystrengths to the table. This acquisition demonstrates ourcommitment to the retirement plan marketplace and is a criticalfirst step in supporting our rapid expansion into new markets.”

CPI and CUNA Mutual have many similarities. The majority oftheir business is in the micro- and small-plan market (up to $10million in assets). CUNA Mutual was ranked No. 1 in 2008 ininvestment and record keeping by 401kExchange.com, while CPI earnedNo. 2 and No. 3 rankings in those same categories. No immediatechanges are expected in either organization, according to CUNAMutual.

“Our customers will not notice any changes,” Thompson said. “Wewill operate as business-as-usual to avoid any disruption. Overtime, we will look for ways to leverage each other'sstrengths.”
Bob Dema, CEO of CPI, said the acquisition will build on each ofthe company's strong points.”Joining with a firm like CUNA Mutualadds financial strength that we'll need to continue to grow andflourish,” Dema said. “Plus, both of our firms focus on providinggreat service and keeping customers happy.”

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