Retirement LLC Acquires Summit Group, Inc.

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Acquisition Increases Market Share and Expands Retirement, LLC - Series Two Service Organization

"The addition of Summit Group further expands our market share in Oklahoma and across the United States. while adding an experienced client services team that understands the complex TPA retirement business."

Retirement LLC with offices in Oklahoma City, OK, and Sioux Falls, SD today announced that it has signed a definitive agreement to purchase the third party administrator (TPA) division of Summit Group, Inc. of Oklahoma City. The transaction closed on April 1, 2017.

For over 35 years Summit Group has been providing plan design consulting, recordkeeping, administration and compliance services for business retirement plans of all sizes. Summit Group has been providing these full-service employer sponsored retirement plan services since 1981. They have always been committed to providing these services to their clients in a timely, accurate and cost-effective manner.

"The addition of Summit Group further expands our market share in Oklahoma and across the United States while adding an experienced client services team that understands the complex TPA retirement business. This acquisition adds significant strategic value to the future growth of our organization” said Dana Hagen, President/CEO of Retirement LLC. The Summit Group has built a great business and has a terrific client services organization. This acquisition gives us more client-facing strength as we continue fulfill our goal of becoming the nation’s leading national TPA organization. Mrs. Williams will continue her tenure with Retirement LLC for the foreseeable future. This is our fourth acquisition in the past four years. We will continue to grow Retirement LLC organically and through mergers and acquisitions as we look ahead to 2017 and beyond”, added Hagen.

“The vision and quality of service delivery was the main reason we decided to merge with Retirement LLC”, said Gay Williams, Summit Group Vice-President. “We have a commitment to our clients to provide extremely high service levels that meet all of their needs. We will continue to grow - and now have a national platform to add more business without compromising the quality of the service for our clients”, Williams added. “This merger was the right opportunity at the right time for Summit Group” said Bill Daniel, Summit Group President. “We look forward to continuing to serve our existing clients with the same service they have come to expect from us while expanding our market share. This was an excellent decision to become part of Retirement LLC.”

About Retirement, LLC
Retirement LLC is an independent third party administration firm and record-keeper for tax-qualified retirement plans. The firm operates from offices in Oklahoma City, OK and Sioux Falls, SD. Retirement LLC provides consulting, record-keeping, actuarial services and plan administration services to clients throughout the United States. Plans include defined benefit, cash balance, defined contribution, profit sharing, 401(k), ESOP, 457, and 403(b) plans.

Terms of the transaction were not disclosed. Wallingford Partners acted as an advisor for this transaction.

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Dana Hagen
Retirement LLC
+1 (605) 444-1046
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