According to QP, BAS is a plan administrator of defined contribution retirement plans in the small and mid-market. The acquisition will increase QP’s client base by about 15%. “The acquisition complements our internal growth and follows two previously successful acquisitions in Illinois and Connecticut. Additionally, the highly experienced staff of Benefits Administration Services increases our depth of experienced plan administrators and relationship managers,” a QP spokesperson told PLANADVISER.
QP provides retirement plan administrative services for 900 to 1,000 clients located in approximately 30 states. Its relationship managers provide plan design and consultation, plan administration and fiduciary services to clients. The company is headquartered in Savannah, Georgia, and operates three additional offices in Atlanta, Georgia; Peoria, Illinois; and Birmingham, Alabama.
The acquisition of BAS is effective June 1.
“As we continue to grow, Birmingham fits our strategy. We are very fortunate to have the opportunity to acquire such a well-respected, high caliber firm there. Our people are our success, and we are very pleased to have everyone at Benefits Administration Services joining our firm,” says John Massey, managing partner for qualified plans.