A retirement plan administrator has agreed to acquire 500 balance-forward, tax-qualified retirement plans from a unit of StanCorp Financial Group Inc.
National Investment Managers Inc., Dublin, Ohio, has been consolidating pension plan administration, investment management and insurance businesses.
The pending deal would give National Investment a total of about 11,000 plans under administration, and about 80% of the plans in the block are based near existing National Investment subsidiary offices, the company says.
“This acquisition is indicative of the consolidation opportunities we continue to see in the retirement services marketplace,” National Investment Chief Executive Steve Ross says in a statement.
Standard Retirement Services Inc., Portland, Ore., is selling the block because it wants to focus on serving daily valued retirement plans, according to Aaron Howard, a vice president at the unit.
StanCorp (NYSE:SFG), Standard Retirement’s parent, is also the parent of Standard Insurance.
The companies are not disclosing how much National Investment is paying for the block, but they say they want to close on the deal by Dec. 1.