BenefitStreet Completes Sale of Qualified Benefits, Inc. and Pension Benefit Services, Inc.SAN RAMON San Ramon (Spanish for "Saint Raymond") may refer to one of the following places:
QBI Quality Botanical Ingredients, Inc. QBI Quite Bloody Impossible QBI Quantile-Based Inspection Scheme QBI Qualified Best Images ) and Pension Benefit Services, Inc. (PBS PBS in full Public Broadcasting Service Private, nonprofit U.S. corporation of public television stations. PBS provides its member stations, which are supported by public funds and private contributions rather than by commercials, with educational, cultural, ) subsidiaries. The business operations of both California-based TPAs - originally acquired by BenefitStreet in 2005 - were sold to QBI, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , which will maintain its headquarters in Woodland Hills. Former Qualified Benefits, Inc. President and Chief Executive Officer, Greg Taylor, will assume the role of CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. for QBI, LLC. Terms of the deal, which was finalized on September 5, were not disclosed. "This is an exciting move," said Taylor. "It enables us to effectively serve a robust California client base while expanding our capabilities nationally. Our goal is to position QBI, LLC as one of the country's leading third party administrators." BenefitStreet, which recently sold the business operations of several other third-party administration subsidiaries - WESPAC WESPAC Western Pacific WESPAC Western Pacific Regional Fishery Management Council , Alliance Benefit Group - MidAtlantic, Schloss & Co., and BISNet - will now focus on completing important technology, operational and staffing initiatives that will drive significant improvements to its recordkeeping platform and related services. "The sale of QBI and PBS marks the completion of our TPA (Transient Program Area) See transient area. TPA - Transient Program Area divestiture efforts and positions BenefitStreet at a key milestone along our strategic path," said Jerry Bramlett, the Company's President and CEO. "In addition to enhancing our balance sheet, the subsidiary transactions enable us to reallocate Verb 1. reallocate - allocate, distribute, or apportion anew; "Congressional seats are reapportioned on the basis of census data" reapportion allocate, apportion - distribute according to a plan or set apart for a special purpose; "I am allocating a loaf of valuable resources and heighten our focus on building a quality organization from top to bottom. Everything is being carried out according to plan." Bramlett expects the ongoing infrastructure and organizational enhancements to play a key role in supporting a unique new defined contribution offering BenefitStreet plans to introduce in the near future. "With regulatory activity levels on the rise, mounting class action lawsuits class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax , and increased scrutiny by plan sponsors and other fiduciaries, there's a very real opportunity to deliver a more cost-effective, efficient and effective solution," explained Bramlett. "I'm very excited about what lies ahead for BenefitStreet." About BenefitStreet BenefitStreet is a pioneer in the creation and delivery of innovative solutions for defined contribution recordkeeping, and is constantly improving the way corporations provide and manage retirement benefits. As a leading independent, unbundled provider of 401(k) recordkeeping solutions and administrative services, BenefitStreet is committed to improving the value of retirement benefits to employees while reducing the complexity and cost businesses face in offering those benefits. Founded in 1993, BenefitStreet serves more than 1,500 corporate clients from its headquarters in San Ramon, Calif., and other locations throughout the United States. For more information, please visit www.benefitstreet.com. About QBI, LLC Headquartered in Woodland Hills, Calif., QBI, LLC is one of the leading third party administrators in the country. The Company offers a comprehensive range of retirement-related services to companies and entrepreneurs. QBI, LLC implements and administers retirement plans that offer value beyond the tax advantages and employee benefits. For additional information, visit www.qbillc.com. |
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