From staff reports

Sioux Falls-based Retirement LLC has acquired the third-party administrator division of Oklahoma-based Summit Group Inc.

Summit has been in operation for 35 years, providing plan-design consulting, record-keeping, administration and compliance services for business retirement plans.

Retirement LLC, which has offices in Sioux Falls and Okalhoma City, is an independent third-party administration firm and record-keeper for tax-qualified retirement plans. The firm provides consulting, record-keeping, actuarial services and plan-administration services to clients across the country.

“The addition of Summit Group further expands our market share in Oklahoma and across the United States while adding an experienced client-services team that understands the complex TPA retirement business. This acquisition adds significant strategic value to the future growth of our organization,” said Dana Hagen, president and CEO of Retirement LLC.

It’s the fourth acquisition in four years for the Sioux Falls business.

“We will continue to grow Retirement LLC organically and through mergers and acquisitions as we look ahead to 2017 and beyond,” Hagen said.