Keenan, the largest privately held brokerage firm in California, announced it has expanded its retirement services capabilities with the acquisition of Envoy Plan Services, a third-party administrator and compliance firm focused on 403(b) and 457(b) plans, and its affiliated company, Retirement Solutions Group, which focuses on comprehensive retirement planning products and services.
Sean Smith, president of Keenan, said, “Through this new relationship, we are pleased that Keenan will be able to deliver exceptional products and services to school district employees. This new division complements other Keenan retirement and employee benefit services.”
Spearheading the newly acquired firm for Keenan is Envoy Plan Services and Retirement Solutions Group founder and president Robert Hornaday. He will work closely and coordinate his efforts with Keenan’s Retirement Planning department head, Steve Gedestad.
Commenting on this announcement, Robert Hornaday said, “Our organization has enjoyed building close relationships with, and providing quality services to, our school district clients. The alignment with Keenan is a great opportunity to grow and expand the clients we serve in California, in addition to complementing the services Keenan can offer to the 800-plus school district clients they have long standing relationships with in the state.”
He added, “We are excited about our merger with Keenan. This alliance will allow us to more rapidly grow and expand the quality services we deliver to our clients.”
Steve Gedestad, executive vice president of Keenan, said, “We are excited to have Bob at the helm of the newly acquired companies. His ceaseless vision and passion will fortify Keenan’s growth strategy in the retirement services marketplace. With Envoy in place, school district administrators are freed from the tireless work of the day-to-day administration of their 403(b) and 457(b) programs.”
A 457(b) plan is similar to a 403(b) in that it allows employees to defer income on a pre-tax basis, which grows on a tax-deferred basis till retirement. The new 457(b) plan is now included in the compliance initiative that school districts are undertaking to ensure that they are complying with IRS rules for 403(b) & 457(b) plans.
Topics Mergers & Acquisitions
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