ST. PAUL, Minn. Minnesota Life Insurance Co. agreed Thursday to acquire the 401(k) business of Allmerica Financial Corp.
Terms were not disclosed.
Allmerica is a publicly owned financial services corporation in Worcester, Mass. Its 401(k) business includes $1 billion of assets in 600 group defined contribution plans, covering 48,000 individuals.
The transfer will increase Minnesota Lifes pension business 15%, to $7 billion, in plans serving approximately 2,800 employers and 190,000 participants, the company said.
The deal, which is subject to regulatory approval, is scheduled to close June 30.