According to the announcement, Pentegra will provide services including sales support, plan sponsor and participant education, recordkeeping, and consultants with experience with the Employee Retirement Income Security Act (ERISA).
First Banks will provide administration, relationship management, and investment management selection, the announcement said.
“We will continue to manage our customer relationships while Pentegra supports us with retirement-specific resources, including certified pension consultants who can back up our sales efforts as we more aggressively market our defined contribution offering,” said Joseph Hoffmeyer, Senior Vice President, Wealth Management Group, First Banks, Inc., in the announcement.
More information can be found at www.firstbanks.com .
Pentegra Retirement Services was formed by the Federal Home Loan Bank System in 1943 to provide pensions for its members. Today, Pentegra oversees the retirement programs of more than 500 community banks and other businesses and serves as plan fiduciary for its $1.9 billion multiple employer DB and $1.4 billion multiple employer defined contribution plans. For more information see http://www.pentegra.com .