06/07/2022
OAK BROOK, Ill.– Millennium Trust Company, LLC, a leading provider of retirement, workplace, and custody services for employers, institutions, advisors, and individuals, today completed the previously announced acquisition of PayFlex Holdings, Inc., a provider of Health Savings Accounts (HSAs) and other consumer-directed benefits solutions, from CVS Health.
PayFlex’s complementary offerings strengthen Millennium Trust’s retirement industry leadership, accelerate the convergence of retirement, health, and benefits-related savings options, and position the company as a front-runner in consumer-directed benefits and financial wellness.
“The acquisition of PayFlex greatly expands the breadth of services and solutions available for our combined clients, including employers, institutions, and individuals,” said Gary Anetsberger, CEO of Millennium Trust. “By adding Health Savings Accounts and other benefits solutions, we can now offer access to a broader continuum of retirement and financial wellness solutions.”
As part of the transaction, Millennium Trust, through PayFlex, has entered into a long-term commercial agreement with Aetna, a CVS Health company, pursuant to which PayFlex will remain, under Millennium Trust’s ownership, Aetna’s preferred partner for offering and delivering certain HSAs, Flexible Spending Accounts (FSAs), and other consumer-directed benefits to Aetna’s healthcare plan clients.
“We are thrilled to join Millennium Trust, which is in a great position to invest significantly in PayFlex and its technology to make it even easier for people to plan, save, and pay for their health-related expenses,” said Michael DiSimone, CEO and President of PayFlex. “Our suite of consumer-directed benefits is critical to providing tax-advantaged health care savings and payments not only today, but throughout retirement.”
The acquisition increases Millennium Trust’s reach to over 60,000 employer plan sponsors and approximately five million individuals, representing $47 billion in total assets under administration.
Kirkland & Ellis LLP served as legal counsel to Millennium Trust. CVS Health engaged Fried, Frank, Harris, Shriver & Jacobson LLP and Dechert LLP as legal counsel and Wells Fargo Securities, LLC, as its exclusive financial advisor.
About Millennium Trust Company
Millennium Trust is a leading provider of retirement and financial services and consumer-directed benefits, with more than five million individual and institutional clients holding more than $47 billion in assets. We are committed to the evolving needs of individuals, employers, advisors, and institutional partners and to empowering clients with trusted expertise, exceptional service, and access to a wide range of solutions. Whether clients are managing retirement assets, running a business, or seeking choices beyond traditional asset options, Millennium Trust provides flexible digital solutions to support their success. Learn more at www.mtrustcompany.com.
Contacts
Michael DeLong
Millennium Trust Company
630-382-5223
mdelong@mtrustcompany.com
Emily Stoermer
BackBay Communications
617-391-0790 ext. 105
Emily.Stoermer@backbaycommunications.com