Altigro Merges with IPA Northeast

Altigro Pension Services Inc., a retirement consulting and administration firm, announced its merger with IPA Northeast LLC.

The combined company will operate under the name Altigro to provide retirement plan services to more than 750 employers. Both IPA and Altigro were established in the early 1970s and provide actuarial consulting and third-party administration of qualified retirement plans.

“IPA is a great fit for us,” said Steve Greenbaum, president of Altigro Pension, pointing to IPA’s decades of client service. “IPA’s team will help us grow our client offerings.”

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Marvin Scherb, IPA’s president and founder, said that Altigro shares the same values as IPA. Both companies use SunGard’s Relius Administration software and anticipate a smooth transition for clients. Greenbaum said Altigro intends to make the changeover seamless for IPA clients, and that the people and tools are in place to do so. In addition to maintaining platform consistency, Altigro intends to retain many of IPA’s staff.

Altigro Pension Services is in Fairfield, New Jersey, while IPA Northeast is in Cranford, New Jersey.  More information is at Altigro’swebsite.

Seven Neuberger Berman Funds Get R6 Shares

Neuberger Berman Group LLC rolled out retirement share classes (R6 shares) for seven of its mutual funds.

The share classes are being introduced in response to client demands for increased transparency and flexibility in the retirement plan marketplace.

The R6 shares offer a lower cost option to retirement plan advisers and their plan sponsor clients. R6 Shares will initially be available for the following funds: NB Emerging Markets Equity; NB Genesis Fund; NB High Income Bond Fund; NB Mid Cap Growth Fund; NB Real Estate Fund; NB Socially Responsive Fund; and NB Strategic Income Fund.   

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The R6 Shares are offered at net asset value (NAV) without front-end sales charges, contingent deferred sales charges (CDSC), or 12b-1 fees.  

“We understand the many issues facing our plan sponsor clients and their underlying participants,” said Scott Kilgallen, managing director of the financial institutions group at Neuberger Berman. “To address the need for fee transparency, we are excited to add these share classes to some of our best performing and in demand mutual funds. We are also looking to add more R6 shares to our mutual fund lineup over time.”  

For more information, visit www.nb.com.

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