Tacoma, WA, July 19, 2013 (GLOBE NEWSWIRE) -- It is with great pleasure that Spectrum Pension Consultants, Inc., an Alliance Benefit Group (ABG) member firm, announces that effective July 31, 2013, Fortress Retirement Services, Inc. (Fortress) will merge into Spectrum Pension Consultants, Inc. (Spectrum). Spectrum and Fortress have spent many hours collaborating to create a plan that allows seamless transition in services, fees and plan management for sponsors and participants along with the advisors of Fortress's plans. Through this merger Fortress clients and advisor partners will have access to a comprehensive suite of plan administration and management services while still maintaining high quality customer service. Spectrum's 35 years in the retirement management business, ABG membership, and professionally qualified staff assures they are well positioned for the task of continuing to provide quality plan management services to Fortress clients.
Wednesday July 16, all advisors for the Fortress plans were invited to join a webinar with Spectrum and Fortress. During the webinar, Spectrum's CEO Petros Koumantaros and COO Kevin Boercker delivered an overview of Spectrum, what to expect during this transition, and a forum for attendees to ask questions directly.
As a Spectrum client, sponsors can be assured of continued great service, enhanced online participant experience through detailed reporting, on demand statements, transactions, distributions and, where allowed by the sponsor, loan requests. Spectrum's consulting staff is required to earn professional qualifications through the American Society of Pension Professionals and Actuaries, helping to ensure clients receive credible advice in the management of their employee benefit plans. Though a small team, Spectrum boasts 10 Certified Pension Consultants (CPC), 14 Qualified 401(k) Administrators (QKA), 12 Qualified Pension Administrators (QPA), 1 Accredited Investment Fiduciary (AIF®), 1 Qualified Plan Financial Consultant (QPFC), 1 Enrolled Actuary and 3 Enrolled Retirement Plan Agents (ERPA). Spectrum's organization and structure is similar to that seen in management consulting firms. Each Spectrum plan is "owned" by a one of these highly qualified and experienced Principal Assigned Consultant. To that end Spectrum is able to offer a greater level of expertise, more variety of service options and potentially deeper compliance to their clients. Sponsors can anticipate more frequent communication leading to stronger relationships which will allow Spectrum to anticipate and collaborate on needs and issues sooner. Spectrum's consultants expect to engage regularly with client decision makers.
"Spectrum is delighted with this new agreement and is very much looking forward to delivering our high quality service to Fortress clients" said CEO Petros Koumantaros. Yannis Koumantaros, who is responsible for Spectrum's Business Development believes "the confidence displayed by Fortress, in this new offering for their clients, is a testament to our 35 years in the retirement plan world. Spectrum has enjoyed or experienced many changes, and we are now enjoying the kind of growth that continues to assure our commitment to our clients and this industry."
About Alliance Benefit Group (ABG)
Alliance Benefit Group (ABG) is a 14 firm consortium ranked as 8th on the list of Top Ten National Recordkeeping Firms. The consortium provides services to over 13,700 Plan Sponsor Clients, more than 1,000,000 Participants, and administers north of $51,000,000,000 in plan assets. Spectrum is the first west coast ABG affiliate, and the only firm west of Utah to be part of this consortium.
About Spectrum
Spectrum is a leading service provider to employers sponsoring various retirement, deferred compensation and other employee benefit programs in the western United States. Spectrum's services are tailored to the specific needs of each individual client and include: consulting and advice; plan management and administration; and employee communication and education services. Additional information about Spectrum is available at the company's web site: www.spectrumpension.com.