PSA Acquires Alliance Benefit Group Office

PSA Insurance&Financial Services acquired the Baltimore office of Alliance Benefit Group Mid-Atlantic (ABG), the company said.

PSA will gain more than 20 employees, including many experienced retirement plan consultants and administrators, as well as two certified financial planners and two full-time actuaries. According a release, the deal also adds a book of business that includes large companies with up to $50 million in retirement plan assets.

The ABG team joining PSA is led by President Charles E. Offutt, who will become the new retirement plan leader for PSA.

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With the acquisition of ABG, PSA also gains a new capability to serve companies with defined benefit plans.

Benefit Plans Administrative Services, Inc. (BPAS), a subsidiary of Community Bank System, Inc., recently acquired the Philadelphia division of Alliance Benefit Group (ABG) MidAtlantic from BenefitStreet.

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