Millennium Trust to acquire HSA provider in Nebraska

OAK BROOK - Millennium Trust Co. LLC, a provider of retirement and financial services for employers, institutions, advisers and individuals, Tuesday said it has signed a definitive agreement to acquire PayFlex Holdings Inc.

PayFlex, based in Omaha, Nebraska, is a provider of health savings accounts and consumer-directed benefit administration services. Millennium Trust has reached a deal to purchase the company from CVS Health Corp.

Financial terms of the transaction were not disclosed.

The addition of PayFlex will significantly expand Millennium Trust's growing platform to include HSAs, health reimbursement accounts, flexible spending accounts, COBRA insurance administration, and direct-billing services, Millennium said. With PayFlex's 2.4 million members and more than 2,500 clients, Millennium Trust will grow to approximately 5 million individual client accounts and $47 billion of total assets under administration.

"This acquisition extends Millennium Trust's core business and complements our strong retirement solutions," said Gary Anetsberger, chief executive officer of Millennium Trust, "enabling us to offer a uniquely differentiated platform to our shared partners and clients that spans retirement, consumer-directed benefits, financial wellness, and institutional investment services."

In connection with the acquisition, Millennium Trust will enter into a long-term commercial relationship with affiliates of Aetna Inc., a CVS Health company. Under the agreement, PayFlex will remain Aetna's preferred provider of HSAs and certain other consumer-directed benefit solutions for Aetna's existing and prospective health care plan client base.