IPC specializes in providing plan design, daily administration and consulting. Lincoln Trust Chairman and Chief Executive Bob Beriault said Lincoln Trust’s acquisition of IPC complements the firm’s existing business and expands its national footprint to include an established presence in the Upper Midwest market. Once the acquisition is complete, Lincoln Trust will service more than 2,300 qualified plans and well over $3 billion in assets under administration.
Lincoln Trust is continuing to look for acquisition opportunities to fuel growth. In November, the company purchased Fringe Benefit Administrators Ltd., a retirement plan administrator in Metairie, Louisiana. (See “Lincoln Trust Acquires TPA.”)
Earlier this year, the firm sold its self-directed IRA division to PENSCO Trust Company in order to prepare itself for expansion in the defined contribution (DC) marketplace. (See “Firms Combine Alternative Assets Capabilities.”)