AMG has been a partner of Lincoln’s for almost four years providing recordkeeping services for the Lincoln Alliance Program. The acquisition of the Arlington Heights, Illinois-based recordkeeper is expected to close in the next 30 days.
According to Lincoln, plan sponsors and their consultants have increasingly demanded that external plan administrators like Lincoln Retirement Services own and control the recordkeeping and reporting function, in addition to providing investment options, education and counseling to employees who participate in the benefits plans. Bob Bond, CEO of Lincoln Retirement Services said yesterday that “when we would lose cases and get feedback on the decision, the number one issue was that we didn’t own the recordkeeping company. Now we do.”
According to a Lincoln media release, the final purchase price will be based on future results and will not go over $37 million.
Launched in early 1999, the Lincoln Alliance Program provides turnkey solutions for employer retirement and employee benefit programs, including investment choices, recordkeeping, plan design, compliance and employee retirement counseling and education.
Lincoln Financial Group has total retirement assets of more than $54 billion.