The Benefits Consulting Group

What The Benefits Consulting Group does

The Benefits Consulting Group is a privately owned, Chicago-headquartered Third-Party Administrator founded in 1987 by Larry Shippee (ASA, EA, MSPA) to provide specialized design and ongoing administration of qualified retirement plans for U.S. businesses. The firm serves small, mid-size, and large employers, non-profits, and solo entrepreneurs, delivering 401(k) and Profit Sharing Plans, Defined Benefit and Cash Balance Plans, and standalone Actuarial Consulting — the latter including actuarial valuation, certification, expert testimony, and benefit valuation work. All actuarial services are performed in-house rather than outsourced, which the firm positions as a differentiator against TPAs that rely on third-party actuarial vendors.

The business runs on a fee-for-service professional services revenue model priced per engagement; pricing is not publicly disclosed and the firm offers a complimentary 401(k) Check-Up as an entry point to convert prospects. Distribution is sales-led and predominantly direct, supplemented by referrals from financial advisors and accountants who co-serve plan sponsors. The firm maintains coordination relationships with major U.S. retirement plan recordkeepers and product providers (John Hancock, Capital Group/American Funds, Principal, Empower, TransAmerica, The Standard, Nationwide, Colonial Surety), enabling multi-platform client servicing rather than lock-in to a single vendor.

The team of approximately eight includes the founder, two senior pension consultants (one of whom holds the ERPA designation and joined in 2025 with 30+ years of experience), a pension consultant, a credentialed pension administrator (QKA), and administrative and office management staff. Marketing relies on an educational content engine (blog and resource center updated through 2025) and a curated set of long-tenured client testimonials spanning healthcare, construction, accounting, wealth management, and other verticals, with named client relationships ranging from 15 to over 40 years. The firm has no external investors, no parent company, no disclosed funding rounds, and no M&A activity on record.

Name

The Benefits Consulting Group

Legal name

The Benefits Consulting Group

Website

https://benefitsconsulting.net

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

1–10 employees

Short description

The Benefits Consulting Group is a privately owned Chicago-based Third-Party Administrator founded in 1987, providing in-house design, actuarial, and ongoing administration of 401(k), profit sharing, defined benefit, and cash balance plans to small and mid-sized U.S. businesses, non-profits, and solo entrepreneurs.

Ownership category

akta.pro rank

Product category

Retirement Plan Administration Services

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Employer Retirement Plan Advisory (401(k)/Pension) (FSAEABAE)

akta.pro secondary industry

Benefits Administration & Total Rewards Outsourcing (BPACAKAE)

Keywords

• Retirement plan administration
• 401(k) plan design
• Actuarial consulting services
• Defined benefit pensions
• Third-party administration

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Retirement Plan Administration Services: Professional services revenue from Third-Party Administration (TPA) of retirement plans including 401(k), Profit Sharing, Defined Benefit, and Cash Balance Plans. Services include plan design, Form 5500 IRS filings, discrimination testing, plan documents, actuarial valuation, and ongoing compliance monitoring.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

The Benefits Consulting Group is a Third-Party Administrator that designs, implements, and administers qualified retirement plans for employers. Core offerings include 401(k) and Profit Sharing Plans, Defined Benefit and Cash Balance Plans, and in-house Actuarial Consulting (valuation, certification, and expert testimony). The firm handles Form 5500 IRS filings, discrimination testing, plan documents, employee notices, and ongoing compliance monitoring as a full-service alternative to multiple providers.

Product overview

The Benefits Consulting Group is a privately owned, full-service Third-Party Administrator (TPA) founded in 1987, specializing in the design and administration of qualified retirement plans. The company offers a unified suite of retirement plan services including 401(k) + Profit Sharing Plans, Defined Benefit + Cash Balance Plans, and Actuarial Consulting — all delivered through an in-house team of Actuaries and Pension Consultants. As a boutique firm focused solely on Qualified Retirement Plans, the company provides sophisticated plan design, creative solutions, and handles all aspects of plan maintenance without requiring multiple service providers.

Differentiator

Problem solved

Functional benefit

Products and services

• 401(k) + Profit Sharing Plans

Quantifiable outcome

• Long-term client retention with relationships spanning 15, 20, and 30+ years demonstrating sustained service quality and trust
• +1 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators2 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Principal Financial Group: Principal is a major financial institution offering retirement plan recordkeeping, administration, and investment products to businesses of all sizes. It is a broad incumbent partner/competitor of BCG, providing the bundled administration services BCG partners with for recordkeeping.
• Empower Retirement: Empower is one of the largest U.S. retirement plan recordkeepers and administrators, serving millions of participants across 401(k), 403(b), and IRA products. It competes broadly with BCG in the same market but at vastly larger scale via bundled recordkeeping and administration.

Direct peers

• Sentinel Benefits & Financial Group: Sentinel Benefits is a mid-sized TPA and benefits consulting firm that provides retirement plan administration, actuarial consulting, and plan design services to employers. It is directly comparable to BCG as a multi-service retirement plan administrator serving SMB and mid-market clients with in-house actuarial capabilities.
• Alliance Benefit Group: Alliance Benefit Group (ABG) is a TPA specializing in qualified retirement plan administration, compliance testing, and consulting for businesses, with multiple regional offices. It competes with BCG in the same SMB/mid-market 401(k) and DB plan administration niche.
• Strive Consulting (formerly Winged Keel Group): Strive Consulting (formerly Winged Keel Group) is a retirement plan consulting firm specializing in complex plan design for high-net-worth individuals and business owners. Its boutique focus on sophisticated, tax-advantaged retirement plans overlaps with BCG's DB/Cash Balance and profit sharing expertise.
• Cammack Retirement Group: Cammack Retirement Group is an independent retirement plan consulting and administration firm serving plan sponsors across the U.S. It directly competes with BCG by offering 401(k), Defined Benefit, and non-qualified plan design with a boutique, advisor-aligned service model.
• Pensionmark (OneDigital): Pensionmark, now part of OneDigital, is a retirement plan advisory and administration firm working with advisors and plan sponsors on 401(k), 403(b), and DB plans. It is a comparable boutique-to-mid-sized retirement plan specialist with similar advisor-channel GTM.
• Foster & Foster Consulting Actuaries: Foster & Foster is an actuarial consulting firm providing retirement plan valuation, design, and administration services for public-sector and corporate Defined Benefit plans. Its in-house actuarial model and DB expertise make it a strong functional comparable to BCG's actuarial consulting arm.
• Mayflower Advisory Group: Mayflower Advisory Group provides retirement plan design, administration, and actuarial services to closely-held businesses and non-profits. It competes with BCG in the same boutique 401(k), Profit Sharing, and Defined Benefit plan niche.
• DWC – The 401(k) Specialists: DWC is a niche TPA focused exclusively on 401(k) plan administration for small to mid-sized employers, offering compliance testing and Form 5500 preparation. Its narrow specialization on 401(k) administration makes it a direct comparable to BCG's plan administration services.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks1 record

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/the-benefits-consulting-group-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Benefits Consulting Group