|
DPA and Standard Retirement Services
On July 2, 2007, Standard Retirement Services ("The Standard"), a subsidiary of
StanCorp Financial Group, Inc., acquired the assets of DPA. The Standard's
corporate offices and the headquarters for its retirement plan administration
services are located close to DPA's offices here in
Portland.
All DPA clients will continue to be served by the same staff, and no fee
increases or changes are expected as a result of this acquisition.
Participant
website access and quarterly statements will remain unchanged in the near
future until DPA and The Standard have created a well-thought out and smoothly
executed plan to transition our name and services.
DPA will generally operate independently, and because there are so many
common philosophies and business practices between our two companies, we
anticipate little disruption to our way of delivering service to you. We expect
to remain at our current location for some time, however, DPA and The Standard
will look for earlier opportunities to work together where appropriate.
The Standard provides DPA a large, stable parent and a long-term source of
capital. With the backing of The Standard's financial strength, our clients will
benefit from a broader array of services and The Standard's commitment to growth
in the retirement plans arena. The acquisition is consistent with The Standard's
stated goal to grow its asset management business at more than 20% per year and
to diversify its earnings base as a result.
The acquisition is a great fit for both organizations as there is consistency
in underlying philosophies toward customer service and fee transparency. The
Standard will continue to offer a full complement of both group annuity
retirement products as well as trust-based open investment platform products
like DPA's MasterPlan platform. Like DPA, The Standard partners with the Charles
Schwab Trust Company ("CSTC") for their trust-based products. DPA and The
Standard's combined business will result in one of CSTC's largest TPA
relationships.
We are excited about the new opportunities that lay
ahead for our clients. If you have any questions, we hope you will feel free to
contact us. |