The deal adds some $700 million in assets, 300 plans and 25,000 participants to the GoldK platform.
Gallagher’s Retirement Plan Services division, which provides services to 401(k), 457, defined benefit, ESOP and money-purchase plans, employs 31 people, all of which will be retained in the current Gallagher headquarters in Troy, Michigan and in its Washington, D.C. office. Craig Arnold, director of Gallagher’s Retirement Plan Services practice, will stay on to lead GoldK’s offering in the Taft-Hartley marketplace of retirement plans for unionized industries.
Included in the acquisition is Gallagher’s American Employers Retirement Trust (AERT), a proprietary, defined-contribution trust vehicle that gives smaller plan sponsors institutional-level services by combining their buying power. GoldK plans to expand the AERT offering with a larger scale rollout.
GoldK uses XML, the Web programming language, to deliver retirement plan processing to plan sponsors.