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Philadelphia-based PCS Retirement LLC has acquired Tampa, Florida’s Aspire Financial Services. The combined 300-person organization provides recordkeeping services to 16,000 plans and 750,000 eligible participants representing more than $23 billion in assets under administration.

For the Non-ERISA and ERISA qualified plan markets, as well as the individual end market, the combined platform is now aligned with legislative tailwinds in favor of the establishment of retirement plans by small companies and growth in automatic enrollment.

As part of this transaction, Aspire senior leadership will join the PCS management team. Mark Klein, CEO of PCS, will be the CEO of the combined organization.