The Tegrit Group (“Tegrit”) today announced it has entered into a definitive agreement to acquire Summit Retirement Plan Services, Inc. (“Summit”). Summit’s expertise in providing actuarial consulting and plan administration to private sector plan sponsors will be combined with Tegrit’s advanced plan administration software technology and other post-employment benefit solutions provided primarily to non-profit and governmental plan sponsors.
Livonia, MI, and Akron, OH (PRWEB) May 2, 2010 -- The Tegrit Group (“Tegrit”) today announced it has entered into a definitive agreement to acquire Summit Retirement Plan Services, Inc. (“Summit”). The transaction closed on April 23, 2010.
Michael M. Spickard, Summit’s current CEO, will take the reins as Tegrit’s new CEO and Chairman of the Board. The new enterprise will be managed through Summit’s Akron-area headquarters, employing nearly 100 associates at its four office locations in Ohio, Michigan and South Carolina. The combined entity serves over 1,500 plan sponsors and retirement plan advisors in 40 states, representing more than 200,000 plan participants.
“This is truly a complementary, strategic fit with virtually no redundancy in Summit’s or Tegrit’s core competencies,” said Mr. Spickard. “The retirement plan landscape is changing rapidly with increased scrutiny for both public and private sector plans. The uniting of Summit and Tegrit creates a versatile firm that can consult with clients regarding these emerging issues while providing innovative recordkeeping technology for plan sponsors seeking either ala-carte or end-to-end solutions.”
Summit’s expertise in providing actuarial consulting and plan administration to private sector plan sponsors will be combined with Tegrit’s advanced plan administration software technology and other post-employment benefit solutions provided primarily to non-profit and governmental plan sponsors. The combined entities will deliver a wide range of qualified and non-qualified retirement plan solutions to both the public and private sectors.
“Tegrit’s innovative pension technology and talented staff sets them apart from all other firms,” said Anne Wagner, CEO of the Municipal Employees Retirement System of Michigan, Tegrit’s largest client and majority shareholder. “Adding Summit’s capabilities and executive management team will only enhance the partnership that currently exists with Tegrit. It will be exciting to watch them grow successfully together.”
“This transaction will provide Tegrit with a broader audience for the innovative solutions they have developed for pension and retiree medical plans,” said Carrie Lombardo, Officer of Marketing & Employer Services for the Municipal Employees Retirement System of Michigan. “This unique blending of talent will provide retirement plan sponsors and advisors access to a depth and breadth of services typically found only in larger consulting and administration firms.”
The Tegrit Group provides advanced recordkeeping, technology and administration solutions for pension, retiree medical and defined contribution plans.
Tegrit Arrivos® software offers plan sponsors a suite of web-based pension and health care administration tools designed by software engineers experienced in the public and private sector retirement plan markets.
Tegrit’s solutions are focused on delivering tools that support the culture, needs and goals of a broad spectrum of retirement plan sponsors. Tegrit has offices in Michigan and South Carolina.
About Summit Retirement Plan Services, Inc.
Summit Retirement Plan Services is a third-party retirement plan administration and actuarial consulting firm with multiple offices in Northeast Ohio. Summit partners with independent investment advisors, investment companies and retirement plan sponsors while managing over 1,000 retirement plans throughout the country.
Summit has been providing a wide range of customized consulting and administrative solutions to retirement plans since its inception in 1996. In 2010, Summit was awarded the ASPPA Administration Certification from the Centre for Fiduciary Excellence, an independent recognition of the firm’s ability to demonstrate their adherence to the industry's best practices.
For more information visit www.summitrps.com.
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