WHITE PLAINS, N.Y., Sept. 19, 2011 /PRNewswire/ -- Pentegra Retirement Services, a national provider of retirement products and services, has announced that it is acquiring National Life Group's qualified plan administration business.
Pentegra President and CEO Robert Albanese stated, "This agreement fits well with Pentegra's growth objectives. Consistent with our acquisition of Alliance Benefit Group Carolinas earlier this year, this arrangement supports our strategy of expanding market share in the third party administrative services area."
"We are very pleased to have reached this agreement with Pentegra," said Mehran Assadi, President and CEO of National Life Group. "We believe our agents and our clients will be well served by Pentegra. Their business goals and corporate culture fit well with our organization and the principles we value. We remain committed to the small business owner and qualified plan markets, and it is our expectation that this transaction will provide our agents with a greater depth of resources along with expanded business development opportunities."
Stated Albanese, "We deeply value the relationships National Life Group has built with its clients. As an organization, we are fully committed to continuing to provide National Life Group's agents and clients with the very best retirement programs and services."
These plans have been administered through National Retirement Plan Advisors (NRPA), one of the companies of National Life Group. Pentegra will administer these plans through its wholly owned subsidiary, Alliance Benefit Group Carolinas, with the transition expected to be completed by the end of the year. National Life Group's qualified plan marketing team will remain part of National Life Group and will continue to work directly with agents on business development.
Pentegra Retirement Services is a leading provider of retirement products and services to organizations nationwide. Founded by the Federal Home Loan Bank System in 1943, today Pentegra's retirement solutions are as diverse as the clients it serves. Pentegra offers a comprehensive array of full service retirement programs, including 401(k) plans, defined benefit pension plans, ESOPs, KSOPs, profit sharing plans, 403(b) and non-profit plans, 457(b) and 457(f) plans, executive benefit and director plans, BOLI and full-service private label retirement programs.
For more information, go to www.pentegra.com
Pentegra Media Contact:
Richard Rausser, Vice President
Pentegra Retirement Services
SOURCE Pentegra Retirement Services