Pension Specialists Acquires RSM McGladreys Human Capital Services Division
Expanding and Growing Company Rebrands as Verisight, Inc.
FOLSOM, CA – Pension Specialists, Inc. (“PSI”) today announced the acquisition of the Human Capital Services division of RSM McGladrey, Inc. The acquisition expands PSI’s retirement plan services to include Human Capital Services’ offerings of retirement recordkeeping and administration, actuarial services, ESOP, compensation and employee benefits consulting. This enhances the full suite of services the company provides its retirement plan clients. The transaction is expected to close within 60 days.
The combined company will assume a new name, Verisight, Inc. (“Verisight”). Verisight means “truthful insight”, which is consistent with the firm’s commitment to be a trusted client partner driven by core values of honesty and integrity. Verisight will have 12 office locations and provide services to retirement plan clients with more than $13 billion of assets.
“The addition of RSM McGladrey’s Human Capital Services adds tremendous breadth to our business solutions,” said Greg Tschider, Chief Executive Officer of Pension Specialists, Inc. “This acquisition reflects our dedication to expanding our product line and our geographic reach while maintaining our focus in the retirement plan space. The rebranding to Verisight is an important step in combining the business lines into one cohesive operating company.”
Verisight will continue to deliver flexible and objective solutions that meet the unique needs of each client, continuing PSI’s long-held position of remaining independent of any investment products or affiliations and consistent with the company’s transparent fee-for-service model. Solutions will continue to include unlimited access to investment managers through a truly open architecture platform.
The complete set of solutions also includes those provided by wholly-owned subsidiaries: NextStep Defined Contribution, Inc. (“NextStep”), a provider of recordkeeping and administrative services for retirement plans through advisors and intermediaries, and Retirement Services Trust Company (“RSTC”), a non-depository trust company providing directed non-discretionary trustee and custodial services exclusively to retirement plan clients.
To ensure continuity after the transaction is completed, Verisight and McGladrey will maintain a strategic relationship through a joint marketing agreement.
“We look forward to a lasting relationship with Verisight,” said Mike Stokke, RSM McGladrey’s National Client Service Strategy and Delivery Leader. “McGladrey will continue to work closely with Verisight to provide a full range of integrated and seamless solutions to clients of both organizations.”
Upon closing, Human Capital Services will immediately begin to use the new name. Rebranding of the other business lines will be implemented throughout the remainder of 2011.
The Verisight brand includes Pension Specialists, Inc. (“PSI”), an independent service provider of fully bundled services for 401(k) and other retirement plans. The company was founded in 1985 and is headquartered in California. Either directly or through its subsidiaries, PSI offers a fully bundled retirement plan solution with an unlimited set of investment options and full price transparency for employers and plan sponsors.
Over the years, PSI has expanded both its family of companies and its suite of retirement related services. Through NextStep Defined Contribution, Inc. (“NextStep”), PSI offers fully bundled retirement plan solutions to financial advisors for the benefit of their retirement plan clients. Through Retirement Services Trust Company (“RSTC”), PSI offers non-discretionary, directed trustee services to PSI retirement plan clients. PSI also offers flex plan administration through its subsidiary 125MAX, LLC.
For more information, visit the Verisight website at www.verisightgroup.com.
McGladrey is the brand under which RSM McGladrey, Inc. and McGladrey & Pullen, LLP serve clients’ business needs. Together, they rank as the fifth largest U.S. provider of assurance, tax and consulting services, with 7,000 professionals and associates in nearly 90 offices. The two firms operate as separate legal entities in an alternative practice structure. McGladrey & Pullen is a licensed CPA firm that provides assurance services. RSM McGladrey is a leading professional services firm providing tax and consulting services. Both firms are members of RSM International, the sixth largest global network of independent accounting, tax and consulting firms. For more information, visit the McGladrey website at www.mcgladrey.com, join our Facebook fan page at McGladrey News and/or follow us on Twitter @McGladrey.