NU Online News Service, Jan. 3, 2005, 6:01 p.m. EST
EMJAY Corp., Milwaukee, is acquiring part of a retirement plan administration business from another Milwaukee company, Metavante Corp.[@@]
EMJAY is not disclosing the price of the deal, but it says the business it is acquiring, which serves employers with fewer than 300 employees, has 140 workers and has been serving 3,000 plan sponsors in Arizona, California and Wisconsin. EMJAY is renaming the newly acquired operations “EMJAY Retirement Plan Services Inc.”
EMJAY is a unit of Great-West Life & Annuity Insurance Company, Greenwood Village, Colo., which, in turn, is a unit of Power Corporation of America, Montreal.