NBT in New York buying employee benefits firm

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NBT Bancorp in Norwich, N.Y., has agreed to buy a retirement plan services company.

The $9.7 billion-asset NBT said in a press release Tuesday that its Epic Retirement Plan Services unit will buy the assets of Alliance Benefit Group of Illinois in Peoria. NBT did not disclose the price Epic will pay.

Alliance provides record keeping, administration, fiduciary investment advice and plan design services to employers. The company has more than 600 clients and 40,000 plan participants.

“Through organic growth and acquisitions, we have built a retirement plan services line of business with nationwide reach,” Timothy Brenner, an executive vice president at NBT, said in the release.

NBT entered the retirement planning business when it bought Epic in 2005. It has expanded its operations with several acquisitions: Third Party Administrators in 2015, Actuarial Designs & Solutions in 2016, Downeast Pension Services in 2017 and Retirement Plan Services in 2018.

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