CUNA Mutual Acquires CPI

The Madison, Wisconsin-based CUNA Mutual Group will acquire CPI Qualified Plan Consultants, Inc.

According to a news release, the acquisition of CPI, a Great Bend, Kansas-based recordkeeper will mean CUNA Mutual will be servicing more than 7,500 retirement plans with assets under administration nearing $10 billion.

CPI is the largest U.S. employee-owned, third-party administrator in the U.S., according to the release. In addition to recordkeeping, it also provides payroll services, as well as 403(b) common remitter and compliance services.

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CPI was incorporated in 1972 and has more than 400 employees. It provides administrative services to more than 3,600 clients nationwide with plan assets under administration of approximately $5 billion.

CUNA Mutual’s Retirement Plan Services division specializes in providing fully bundled retirement plans to credit unions throughout the U.S. CUNA Mutual’s plan assets under administration total nearly $5 billion.

The majority of the business from both companies is in the micro- and small-plan market (up to $10 million in assets). No immediate changes are expected in either organization, the release said.

The sale is expected to close June 30. Terms of the transaction are not being disclosed.

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