The two firms will continue to provide employers, consultants, TPAs and advisors with 401(k) and retirement plan services, according to a news release. John Kopra will serve as CEO of the new company, and Jeff Miller, current CEO of GoldK, will service on the company’s board of directors.
“This merger reflects two larger trends in the defined contribution plan market,” Kopra said in the announcement. “First, the need to have critical mass and a national scope in dealing with the smaller- to medium-sized employer segment. Second, the clear need to increase customer service levels to these plans while lowering the overall costs of servicing plans. We will continue to do both.”
The Retirement Plan Company is a Tennessee-based provider of custom-designed services to smaller- and medium-sized employers for sponsored retirement. GoldK, based in Massachusetts, is a business process outsourcer that provides TPAs with recordkeeping platforms.
The GoldK-The Retirement Plan Company deal comes amid a wave of recent consolidation as a shrinking field of recordkeeping providers confront a growing number of challenges including an ever more-complex legal and regulatory framework within which they have to operate. (See Cover: Ducks in a Row ).