On Friday, the Charles Schwab Corporation announced an agreement to acquire The 401(k) Company from Nationwide Financial Services, Inc., for $115 million in cash. The 401(k) Company will join the Investor Services Enterprise, which includes Schwab’s Corporate & Retirement Services division. The 401(k) Company, based in Austin, Texas, provides defined contribution plan administrative and recordkeeping services to employers in the mega-plan market, and is expected to complement Schwab’s current market presence. Nationwide said the sale would allow it to focus on its core small- and micro-plan business. As of September 30, the 401(k) Company administered assets totaling approximately $21.7 billion for 100 companies with 400,000 participants.
Charles Schwab Buys The 401(k) Company From Nationwide For $115 Million
On Friday, the Charles Schwab Corporation announced an agreement to acquire The 401(k) Company from Nationwide Financial Services, Inc., for $115 million in cash. The 401(k) Company will join the Investor Services Enterprise, which includes Schwab's Corporate & Retirement Services
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