The latter’s expertise includes design and consulting for retirement and employee welfare plans, administrative services for defined contribution and benefit plans, actuarial services and post employment benefits.
Under the terms of the agreement, Burke Group shareholders will receive FII common stock as consideration for their ownership in the Burke Group. Additional financial terms were not disclosed.
Patrick Burke will continue as the President and CEO of the Burke Group, and will also join the management team of FII as a Senior Vice President.
The Burke Group currently services more than 500 clients ranging in size from 50 to 5,000 employees, providing recordkeeping and consulting services for more than 100,000 plan participants, representing over $2 billion in plan assets.