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.
Great-West’s retirement services division acquired EMJAY and group retirement business in 2003.
Metavante, the financial technology arm of Marshall & Ilsley Corp., Milwaukee, is selling the other half of the small plan administration business to The Retirement Advantage Inc., Port Washington, Wis.
Metavante will provide technology support for the operations acquired by Great-West and The Retirement Advantage for at least 12 months, Marshall & Illsley says.
Marshall & Illsley’s M&I Trust Company unit will continue to administer large retirement plans, Marshall & Illsley says.