NU Online News Service, Aug. 13, 10:07 a.m. – Lincoln Financial Corp., Fort Wayne, Ind., has agreed to buy The Administrative Management Group Inc., Arlington Heights, Ill., an employee benefits recordkeeping firm, for a price that could be as high as $37 million.
The final price will depend on the performance of the firm after it is acquired, Lincoln says.
Lincoln hopes to complete the deal by mid-September.
Administrative Management provides recordkeeping services for more than 300 defined-contribution retirement plans with 250,000 participants and $3.5 billion in assets. The company can also run defined-benefit retirement plans, health and welfare plans, flexible-benefit programs and other benefit plans.
Lincoln has been using Administrative Management to help run its own Lincoln Alliance retirement services and employee benefits program since early 1999.