CBIZ, a financial and insurance services company, announced Thursday that it has acquired substantially all of the assets of Pension Dynamics Co., a retirement and benefits plan provider based in Pleasant Hill, Calif.
Terms of the deal were not disclosed.
Pension Dynamics designs and administers defined contribution and defined benefit plans for employers in the San Francisco Bay area. It has 25 employees and about $3.6 million in annual revenue, according to CBIZ's announcement. Pension Dynamics has $600 million in assets under advisement and serves plans with a total of 12,000 participants, according to the firm's website. The number of plans Pension Dynamics serves could not be immediately determined.
CBIZ President and CEO Jerome P. Grisko Jr. said in the announcement that the Cleveland-based company is looking to expand its "advisory capacity on the West Coast."
The acquisition comes as insurance brokers increasingly delve into the retirement plan business. On Feb. 4, insurance broker OneDigital announced the acquisition of $45 billion registered investment adviser Resources Investment Advisors and a several other retirement adviser firms, its first major foray into the retirement services marketplace.