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 Life’s 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.

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