Ameritas Life Insurance Corp., Lincoln, Neb., on Thursday signed a definitive agreement to acquire the 401(k) plan business of Guardian Life Insurance & Annuity Co., a subsidiary of Guardian Life Insurance Co. of America.
Terms of the transaction were not announced.
A joint news release on the deal said the combined 401(k) businesses would have assets under administration “in excess of $10 billion,” but did not break down the size of each business.
Brent Korte, senior vice president and chief marketing officer at Ameritas, did not respond to requests for information by press time.
In an interview, Jeanette Volpi, a spokeswoman for Guardian, declined to comment on the size of the Guardian business — 401(k) record keeping and administration — being sold to Ameritas. She said the transaction is expected to be completed in 60 to 90 days.
The retirement plans division of Ameritas “provides retirement plan investment and administration services to more than 3,000 businesses and public entities nationwide,” according to the news release.