U.S. Retirement Partners Expands Business in Florida
Acquires Specialized Plan Firm BRG of Deerfield Beach
ISELIN, N.J., Jan. 22, 2010—U.S. Retirement Partners, already the largest independent firm of its kind operating in Florida, announced today that it has acquired the company BRG for its national network of 403(b) benefits providers serving the K-12 teacher market.
BRG is based in Deerfield Beach, Fla., and serves Dade, Broward and Palm Beach counties.
Founded by partners Kevin Semisch, Eric Semisch and Larry Heydt, BRG has 12 advisors and $50 million in assets under administration.
“We go back quite a way with these partners and are happy to be back in business with them,” said Robert C. Dughi, USRP executive chairman. The relationship dates to the Copeland Companies, a benefits services provider founded by Dughi. Copeland eventually became part of Citigroup and then CitiStreet.
BRG focuses on special pay programs, which are qualified retirement plans consisting of accumulated sick pay, vacation pay and sometimes other contributions for retiring employees. The sick and vacation pay contributions are free of payroll taxes.
“We have been working closely with Bencor, which is the leading provider of specialized plans in Florida and also a partner of USRP. So this is a very seamless move,” said Kevin Semisch.
“Specialized plans are money-savers for school districts and earners for teachers. We look forward to expanding that business with the help of USRP,” said Heydt.
USRP, which is quickly becoming one of the largest company’s of its kind, now has purchased nine businesses in Florida. It also has purchased companies in Texas, Michigan, North Carolina and Utah.
“This expands our expertise and business in the very important areas of special pay programs, an area we will keep a continued eye on for expansion,” said Mark M. Skinner, president and CEO of USRP.