Alerus acquires RPS administrator RPS
Alerus Financial Corp. agreed to take over Retirement Planning Services, a Littleton, Colorado-based retirement plan administrator, Brian Overby, president of Alerus Alerus Retirement and Benefits, confirmed in an email.
The contract terms, which are expected to be concluded on December 18th, will not be disclosed.
Retirement Planning Services provides management services for more than 1,000 plans with a total of 48,000 participants.
“We share complementary business models and cultures that emphasize customer service, industry expertise and continued growth,” said Overby. “By adding RPS, Alerus can also expand into the Rocky Mountain region and add valuable products such as improved cash balance skills and talent to our team.
“In the meantime, our diversified financial services model expands the products and services available to RPS customers,” added Overby. “All of these factors are in line with our long-term growth strategy.”
Nathan Carlson, President of RPS, and Matt Poppe, Director of RPS, will join Alerus. Their new titles have not yet been determined.
The RPS name will change to Alerus in early 2021.
Alerus had approximately $ 30.5 billion in assets under management or under management as of September 30 in retirement and benefit services. The acquisition is expected to increase Alerus’ AUM / AUA by approximately $ 1 billion.