Tacoma, WA, Nov. 19, 2014 (GLOBE NEWSWIRE) -- It is with great pleasure that Spectrum Pension Consultants, Inc., an Alliance Benefit Group (ABG) member firm, announces that effective November 18, 2014, Compensation Consultants, Inc. (CCI) will merge into Spectrum Pension Consultants, Inc. (Spectrum). Spectrum and CCI 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 CCI's plans. Through this merger CCI 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 36+ 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 CCI clients.
To show the continued commitment to existing and future partners in Hawaii, this book of CCI business will be operated under the trade name Alliance Benefit Group of Hawaii at www.401khawaii.com/ and www.abghawaii.com.
On Tuesday, November 18, all advisors and clients for the CCI plans were invited to join a happy hour "Pau Hana" with Spectrum, CCI, and co-sponsored industry partners. During the happy hour, Spectrum's Managing Director of Client Engagements Yannis Koumantaros and Managing Consultant Tom Krusic were available to deliver an overview of Spectrum, what to expect during this transition, and a forum for attendees to ask questions directly.
As a Spectrum and ABG Hawaii 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 9 Certified Pension Consultants (CPC), 14 Qualified 401(k) Administrators (QKA), 13 Qualified Pension Administrators (QPA), 1 Accredited Investment Fiduciary (AIF®), 2 Qualified Plan Financial Consultant (QPFC), and 4 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 an Engagement Unit full of these highly qualified and experienced consultants. 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 CCI clients," said CEO Petros Koumantaros. Yannis Koumantaros, who is responsible for Spectrum's Client Engagements believes "We organize around the Client and Advisor for a reason, and everyone benefits. We are excited to have Peter Inoue join the firm, and look forward to years of continued success and growth in Hawaii."
About Alliance Benefit Group (ABG)
Alliance Benefit Group (ABG) is a 15 firm consortium ranked as 8th on the list of Top Ten National Recordkeeping Firms. The consortium provides services to over 14,000 Plan Sponsor Clients, more than 1,100,000 Participants, and administers north of $56,000,000,000 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.