PSA will gain more than 20 employees who are experts in retirement plan design and administration, including many experienced retirement plan consultants and administrators, as well as two Certified Financial Planners and two full-time actuaries. According to the announcement, the deal also adds a book of business that includes large companies with up to $50 million in retirement plan assets.
The ABG team joining PSA is led by President Charles E. Offutt, who will become the new retirement plan leader for PSA.
With the acquisition of ABG, PSA also gains a new capability to serve companies with defined benefit plans.
Benefit Plans Administrative Services, Inc. (BPAS), a subsidiary of Community Bank System, Inc., has acquired the Philadelphia division of Alliance Benefit Group (ABG) MidAtlantic from BenefitStreet (See Alliance Benefit Group Division Latest BenefitStreet Selloff ).