Pentegra, the non-profit, tax-exempt defined benefit (DB) pension trust, is celebrating its 80th anniversary.
Created on December 1, 1943, by eight Federal Home Loan Banks (FHLBs), Pentegra was created to manage and oversee DB pension plans in the FHBL system. Today, the company controls nearly $13 billion in assets under administration.
“I am so proud of what we have accomplished. An 80th anniversary is a significant milestone that few companies achieve,” said John Pinto, Pentegra President and CEO, in a press statement. “Pentegra is one of America’s oldest, most experienced independent institutional fiduciaries. We were founded 80 years ago to serve as a Named Plan Fiduciary—long before the role formally existed under ERISA [the Employee Retirement Income Security Act of 1974]. Our clients enjoy the confidence that comes from uncompromised and objective oversight. Our legacy of excellence enables us to create retirement plans with less risk, greater efficiencies, and improved outcomes—and the peace of mind that having a professional on board delivers.”
The new year also marks 32 years for Pinto, who joined Pentegra in 1991. Earlier this month, Pentegra announced Pinto would be retiring June 2023, with Eric Wietsma named as his successor. Wietsma currently serves as Senior Vice President and Chief Operations Officer and is responsible for two wholly owned subsidiaries of Pentegra and a group trust for which Pentegra provides administrative and investment services, along with the management of Pentegra’s Defined Contribution (DC) and Third Party Administrator (TPA) operations.
“I could not be more grateful and excited to accept the position as President and CEO of an organization with such a rich history and legacy,” Wietsma said at the time of the announcement. “John has done a wonderful job in positioning our organization for future success. I look forward to working with Pentegra’s extremely talented team and to building on the achievements of the past 80 years.”
Pinto was promoted as Pentegra’s President and CEO in 2013. Along with nearly doubling its assets under administration to $13 billion, Pinto also led several of Pentegra’s most important strategic initiatives over the past decade, including the acquisition of Advanced Pension Solutions (APS) in 2013 and New Pinnacle Consulting Group (NPCG) in 2022.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
