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CU System
CUNA Mutual to acquire retirement business
MADISON, Wis. (6/25/09)--CUNA Mutual Group will acquire CPI Qualified Plan Consultants, Inc. (CPI), a retirement plan record keeper located in Great Bend, Kan. With the acquisition, CUNA Mutual will service more than 7,500 retirement plans with assets under administration nearing $10 billion. The sale is expected to close June 30. Terms of the cash transaction are not being disclosed. CPI is the largest employee-owned, third-party administrator in the U.S. It administers employee benefit plans including 401(k), profit-sharing, money purchase, 403(b) retirement plans, 457(b), flexible benefit, and non-qualified deferred compensation retirement plans. CPI also provides payroll services and 403(b) common remitter and compliance services. CPI provides administrative services to more than 3,600 clients nationwide with plan assets under administration of about $5 billion. CUNA Mutual currently serves more than 4,000 plans and 129,000 plan participants. CUNA Mutual’s Retirement Plan Services division, in Madison, Wis., specializes in providing fully bundled retirement plans to credit unions nationwide. CUNA Mutual’s plan assets under administration total nearly $5 billion. “Our customers will not notice any changes,” said Kevin Thompson, CUNA Mutual senior vice president of asset accumulation products. “We will operate as business-as-usual to avoid any disruption. Over time, we will look for ways to leverage each other’s strengths.”
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