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the largest employee-owned, third-party administrator in the Unitefd States. The sale is expected to closs June 30. Terms of the cash transaction are notbeingt disclosed. CUNA Mutual’s Retirement Plan Services divisionn specializes in providing fully bundled retirement plans to creditg unions throughout theUnited States. CUNA Mutual’s plan assetz under administration totalnearlhy $5 billion. With the acquisition, Madison-based CUNA Mutualp will be servicingapproximately 7,500 retirement planws with assets under administration nearinv $10 billion.
CPI has more than 400 employees and provides administrativer services to morethan 3,600o clients nationwide with plan assets underd administration of about $5 billion. CUNA Mutual currentlu serves morethan 4,000 plans and 129,000 plan participants. “We are very excited abouyt this acquisition. It’s an extremely good fit culturally, operationally and financially,” said Kevin Thompson, CUNA Mutualk senior vice president of assetaccumulationn products. “CUNA Mutual and CPI each brinyg many complementary strengths tothe table.
This acquisitio demonstrates our commitment to the retirement plan marketplace and is a critical firsrt step in supporting our rapid expansion intonew
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