NADART Hands Over 401(k) Keys to Empower

By Fred Barstein • 5/5/2015 • 0 Comments

In another sign of record keeper consolidation, NADART, the retirement plan offered by the National Automobile Dealers Association, has announced that it is exiting the 401(k) plan business and moving all plans to Empower-Retirement. 

NADART was not a major player in the industry, focusing on the auto dealer niche market, but it did manage 2,000 plans with 100,000 participants and $3 billion of assets managed under a MEP.

While the industry naturally focuses on larger deals like the recent acquisition of NY Life’s retirement plan business by John Hancock or the various deals that created Empower-Retirement, there are a number of large niches like NADART in other industries, like rural utility co-ops, community banks and credit unions, where one provider dominates but will likely have trouble maintaining the scale to compete with national providers. 

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