Payroll and benefits outsourcing provider Paychex has acquired online 401(k) administrator ePlan Services.

Terms were not disclosed. The purchase expands Paychex’s reach in the fee-based retirement services market. Founded in 1999, privately held ePlan serves nearly 4,000 401(k) plans in all 50 states.

ePlan Services will operate as a wholly owned subsidiary of Paychex.

Company founder Mark Gutrich and his brother and co-founder, Dan Gutrich, will continue in leadership roles and ePlan Services’ existing employees will be retained.

--- Carlino is the editor in chief of Accounting Today, a SourceMedia publication.

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