Compliance February 24, 2025

Call Center Rep Accessed Data of More Than 2,000 Customers at Inspira Financial

The third-party call center representative improperly accessed personal data of retirement plan participants between December 2024 and January 2025.

Reported by

Inspira Financial Trust LLC—a provider of health, wealth, retirement and benefits solutions—on February 20 notified at least 2,308 retirement plan participants of a data breach, according to an alert on the Maine attorney general’s website. 

A third-party call center representative improperly accessed data relating to a “limited number of retirement accounts” operated by Inspira, according to the letter the company sent to affected participants.

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In January, according to the letter, Inspira—renamed from Millennium Trust Co. in January 2024—learned that the breach occurred between December 2024 and January 2025. The personal information accessed may have included participants’ names, Social Security numbers, dates of birth, mailing addresses, previous employers, previous retirement plan sponsors, and Inspira account numbers, types and balances.

After learning of the issue, Inspira took steps to determine the nature and scope of the breach, the letter stated. The call center representative at issue is no longer an Inspira contractor, and the company is working with the call center vendor to ensure the breach has been reported to law enforcement authorities.

Inspira also flagged affected participants’ accounts for enhanced security review before any transactions can take place as an additional security measure. The hold is in place until participants verify their identity and direct Inspira to remove the flag.

Inspira is offering identity protection and credit monitoring services through Experian for two years at no cost to affected participants.

Inspira serves 8 million customers and institutional clients, and it custodies $63.1 billion in assets for them. Inspira did not immediately respond to a request for comment on the incident.

This breach comes just one week after The Pension Specialists Ltd., an independent retirement plan third-party administrator, disclosed a 2024 data breach in which more than 71,000 people had their personal information exposed. That incident was described as an external system breach or hacking.

Deals & People February 24, 2025

Great Gray Expands Retirement Business With RPAG Acquisition

The transaction will expand Great Gray’s presence in the retirement plan advisory market.

Reported by

Great Gray Trust Co. LLC, a provider of collective investment trust solutions, has acquired Retirement Plan Advisory Group, a 401(k) practice management platform serving retirement plan advisers.

The acquisition, reported on Wealthmanagement.com, expands Great Gray’s presence in the retirement plan advisory market, adding RPAG’s network of financial advisers and suite of technology-driven 401(k) optimization tools.

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RPAG, according to its website, has $1.6 trillion in assets under influence, serves 152,000 retirement plans and has 15 million plan participants. The firm is led by Vince Giovinazzo, its founder and CEO, and Nick Della Vedova, its president.

Madison Dearborn first entered retirement investing in December 2022, when it agreed to acquire Wilmington Trust’s CIT division. That acquisition, finalized on April 28, 2023, led to the formation of Great Gray Trust Co. LLC, the successor trustee to Wilmington Trust’s CIT business.

In 2013, Madison Dearborn acquired National Financial Partners in a transaction valued at $1.3 billion.

The companies involved did not respond to requests for comment.

On LinkedIn, Jesse Taylor, a senior vice president at RPAG, described the company’s evolution as: “From our early days as 401(k) Advisors and RPAG, to joining NFP Retirement for over a decade and launching flexPATH Strategies and PlanFees, to becoming independent in 2023, and now taking an exciting next step as part of the Great Gray Trust Company family … we’ve partnered with them for over a decade on RPAG’s exclusive CIT suite. Now with their support, we’re accelerating our ability to innovate—enhancing our technology, expanding our Advisor Service Team, and bringing even more value to our community.”

RPAG has long been a key player in the retirement advisory sector, providing investment research and compliance tools for advisers. The firm also co-founded flexPATH Strategies, a provider of target-date funds and managed investment solutions that many RPAG-affiliated advisers use in constructing client portfolios.

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