Insurer Alliant Expands Retirement Plan Footprint

Alliant Insurance Services Inc. has continued the expansion of its retirement plan consulting and administration business by acquiring a Connecticut-based qualified plan adviser and third-party administrator.

Alliant announced on Tuesday the acquisition of FJC & Associates to join its retirement consulting division, which advises on more than 600 plans representing $12 billion in assets. Neither firm disclosed terms of the deal.

FJC, which has been operating since 2003, offers retirement planning and TPA services, including discrimination testing, preparing Form 5500s, tracking vesting percentages, profit-sharing and consulting on IRS regulations.

“Alliant brings more scale and capability to our team to continue our growth,” Frank J. Colavito, FJC’s owner, said in a statement. “Their internal resources are the main attraction because they give our clients and advisers more technical expertise.”

FJC, will add its four-person team, according to its website, to Alliant’s Northeast retirement consulting capabilities by continuing to operate from its current offices.

“The Employee Benefits Group at Alliant continues to see tremendous growth via our ability to offer a full suite of employee benefits and related services for our clients and their employees in all phases of their lives,” John Cunningham, Alliant’s executive vice president of retirement consulting, says via email. “This acquisition has helped to increase the breadth of those services to our clients.”

Kevin Overbey, Alliant’s president of employee benefits, also notes via email that Alliant is “not a serial acquirer, and this is by design.” He emphasizes that the firm spends a lot of time before and after an acquisition ensuring alignment of “strategic intent” with both parties.

“Specifically related to the retirement plan business, we look at one to two per year and are selective on region, capabilities, staff expertise and aligning our and the seller’s goals,” Overbey says.