Ameritas Life Insurance Corp. (Ameritas) has signed a definitive agreement to acquire the 401(k) plan business of The Guardian Insurance & Annuity Company, Inc. (GIAC), a wholly-owned subsidiary of The Guardian Life Insurance Company of America.
According to a press release, Guardian and Ameritas have established a long-term strategic marketing relationship in which Ameritas will provide 401(k) products and services through Guardian’s agency system.
The retirement plans division of Ameritas provides retirement plan investment and administration services to more than 3,000 businesses and public entities nationwide. Retirement plan clients range from the single life sole proprietor to the large corporate, non-profit and governmental employers. At the close of the transaction, the retirement plans division will have assets under administration in excess of $10 billion.
Terms of the transaction were not disclosed. The closing of the transaction is subject to regulatory approval and satisfaction of other closing conditions.
