MADISON, Wis. – CUNA Mutual Group announced yesterday it is acquiring CPI Qualified Plan Consultants, a retirement plan record keeper located in Great Bend, Kan.
CPI is the largest employee-owned, third-party administrator in the United States. It administers a variety of 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 comprehensive payroll services, as well as 403(b) common remitter and compliance services.
With the acquisition, CUNA Mutual will be servicing more than 7,500 retirement plans with assets under administration nearing $10 billion.
CPI was incorporated in 1972 and has more than 400 employees. CPI provides administrative services to more than 3,600 clients nationwide with plan assets under administration of approximately $5 billion. CUNA Mutual currently serves more than 4,000 plans and 129,000 plan participants.
The sale is expected to close June 30, 2009. Financial terms of the cash transaction are not being disclosed.
