Company News

PAi Agrees to Sell Its Stock to Newport

Jun 29, 2020

De Pere, Wisconsin and Walnut Creek, CA − June 29, 2020 − Plan Administrators, Inc. (PAi) and Newport Group, Inc. (Newport) announced today that Newport will acquire PAi and its affiliate PAi Trust Company, Inc. (PAi Trust).

This transaction is anticipated to close within 90-120 days, subject to customary closing conditions and regulatory approvals. At that time, PAi and PAi Trust will operate as wholly owned subsidiaries of Newport. Terms of the transaction were not disclosed.

“The team at PAi has produced some industry leading innovations such as CoPilot, an affordable and accessible retirement plan solution for small employers. We believe that joining forces with a provider like Newport will create an opportunity for a larger pool of customers and partners while adding other services Newport provides,” said Michael Kiley, PAi President and Chief Executive Officer. “In addition, Newport shares our commitment to providing exceptional service, and we are excited for the opportunities this transaction will offer our clients and employees alike.”

“PAi has carved out a unique niche in our industry by providing small businesses with best-in-class retirement plans,” said Newport Chief Executive Officer Greg Tschider. “We look forward to providing these clients with additional offerings and welcoming the PAi team to Newport.”


About PAi
Since 1983, PAi has helped people successfully save for retirement by changing retirement outcomes with participant-focused, easy-to-manage 401(k) retirement services. CoPilot, powered by PAi, is a do-it-for-you solution for business owners who want to focus on their business, not on managing a retirement plan. See how CoPilot is changing the retirement conversation: www.pai.com.

About Newport
Headquartered in Walnut Creek, California, Newport is a leading independent retirement services provider that helps employers—and the advisors who serve them—prepare employees for a more financially secure retirement. The company has more than $120 billion in retirement assets under administration and more than $265 billion in corporate retirement and insurance assets. Newport maintains investment objectivity, fee transparency and a commitment to flexible, responsive service. Staffed by an exceptional team of more than 1,350 retirement, insurance, and consulting professionals, the company provides retirement solutions tailored to the needs of employers of every size, from small businesses to the Fortune 1000.

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Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services. Fiduciary consulting services are provided through Newport Group Securities, Inc., an SEC-registered investment adviser and FINRA-registered broker-dealer, and InterServ, LLC, an SEC-registered investment adviser. Newport Group Securities, Inc. and InterServ, LLC are affiliates of Newport Group, Inc. All securities transactions are provided through Newport Group Securities, Inc., in its role as broker-dealer. All fiduciary consulting services are provided through the registered investment adviser. when offering variable insurance products, Newport Group Securities, Inc. acts solely in its capacity as a broker-dealer.
Trust and custody services provided by Newport Trust Company, a New Hampshire state chartered trust company and wholly owned subsidiary of Newport Group, Inc.