LITTLE FALLS, N.J. Bisys Group Inc. said Friday that it had acquired Universal Pensions Inc. of Brainerd, Minn., for $85 million in cash.
Universal Pensions is a provider of retirement plan services and related business solutions for the full range of retirement plans, including 401(k), and SIMPLEs (savings incentive match plans for employees). Bisys will offer Universal Pensions prototype plan documents and retirement plan education programs to its own clients.
Bisys also said that it had renamed its plan services division Bisys Retirement Services. The division is part of the investment services group, which administers and distributes mutual funds and provides retirement plan services in partnerships with 35 bank and investment management companies.
