Pentegra Retirement Services to Celebrate 70 Years in July

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Company remains one of the most experienced plan fiduciaries and largest multiple employer plan providers in U.S.

“Pentegra embraces an advanced level of fiduciary responsibility at a time when so many service providers are unwilling to accept fiduciary status." John Pinto, CEO Pentegra Retirement Services

On July 1 Pentegra Retirement Services, one of the most experienced retirement plan providers in the nation sponsoring two of the largest multiple employer plans in the U.S., will celebrate its 70th anniversary. Pentegra built its legacy serving as a retirement plan fiduciary and focusing on retirement plan solutions exclusively.

The company was founded in 1943 by the Federal Home Loan Bank System to offer a retirement program for its employees. While the company still serves financial institutions nationwide, it now manages more than 3,500 retirement plans with over $7.5 billion in retirement plan assets with clients that include corporations, financial institutions, and non-profit organizations, as well as the advisors who serve them.

According to President and CEO Robert C. Albanese, who will retire on June 30, 2013, “Pentegra has built its business by focusing on solutions that place our clients’ interests first. This is reflected in our name, which is derived from the words pension and integrity. As a plan fiduciary, we are focused on doing what we do the right way. We are a company that defines itself more by its values than by a particular product or service. These values have served as the foundation of Pentegra’s culture, character and brand.”

John Pinto, currently Executive Vice President and Chief Operating Officer, who will be the new CEO as of July 1, 2013, said, “Pentegra embraces an advanced level of fiduciary responsibility at a time when so many service providers are unwilling to accept fiduciary status. Our willingness is due to our experience running multiple employer plans, which require a principal fiduciary -- it is built into the fabric of the plan. We have been acting as named fiduciary and administrator for decades as well as serving as the trustee in certain instances, at a time when other providers are unwilling to accept these responsibilities.”

Pentegra can fulfill all three of the principal roles in a retirement plan -- Named Fiduciary, 3(16)(A) Plan Administrator, and Trustee, whether as a fully discretionary trustee with sole authority over the investment of plan assets, or as a directed trustee. There is no reported provider in the nation who willingly accepts these roles nor has Pentegra’s 70 years of experience is such capacities.

Pinto adds, “A key to our longevity, I believe, is that unlike an investment firm, mutual fund or insurance company, Pentegra has also always offered an unbiased approach to retirement plan management, free of proprietary fund requirements. Furthermore, we work directly with companies and their advisors to structure the best plan based on specific objectives and tailored business needs. Pentegra will continue to stay true to that commitment, and the fiduciary legacy we have built, for decades to come.”
Pentegra Time Line:

  •     1943: Company is founded by the Federal Home Loan Bank System to administer a defined benefit pension trust for employees of the Federal Home Loan Bank System called the Savings Associations Retirement Fund.
  •     1970: A companion program, the Savings Institutions Thrift Plan, was created to provide 401(k) and savings plan products and services.
  •     1974: Company moves offices from New York City to White Plains.
  •     1982: Multiple employer plans become known as the Financial Institutions Retirement Fund (“FIRF”) and the Financial Institutions Thrift Plan (“FITP”).
  •     1993: The organization embarks on a name change, creating a new, communicative name, the “Pentegra Group.” In addition, Pentegra Services, Inc. is established, adding new products that were restricted from being offered through “FIRF” and “FITP, as well as making its programs available to the entire marketplace, not just financial institutions. The name Pentegra was derived from the words pension and integrity.
  •     2004: Pentegra’s identity continues to evolve, as the company makes its focus clear to the marketplace with the introduction of the name “Pentegra Retirement Services.”
  •     2008: The acquisition of the subsidiaries of RSGroup further broadens Pentegra’s capabilities and resources, adding regional depth as well as trust and insurance products, including BOLI, and registered investment advisory and broker dealer capabilities.
  •     2011: Pentegra acquires Alliance Benefit Group-Carolinas, a full-service third party retirement plan administration and recordkeeping firm with principal offices in Charlotte, North Carolina and Greenville, South Carolina.
  •     2012: Pentegra acquires Advanced Pension Solutions, Inc., a full-service third party retirement plan administration firm with a principal office in Columbus, Ohio.
  •     2013: Pentegra celebrates its 70th anniversary in July. A new logo is launched.

Pentegra offers a full range of retirement programs, including 401(k) plans, Defined Benefit Pension plans, Cash Balance plans, 412(e)(3) Fully Insured Defined Benefit plans, Split Funded Defined Benefit plans, KSOPs, ESOPs, Profit Sharing plans, Age-Weighted plans, New Comparability plans, 457(b) and 457(f) plans, 403(b) plans, 401(a) plans, Section 79 plans, Non-qualified Executive Benefit and Director plans, benefits financing solutions using BOLI and a broad array of TPA services. For more information, go to http://www.pentegra.com.

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Rodi Rosensweig
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