Nyhart Actuary & Employee Benefits plans to expand its Indianapolis headquarters and create as many as 25 jobs here by 2017, continuing its recent growth spurt.
The firm will invest $840,000 to lease and equip an additional 8,000 square feet of office space, according to Nyhart CEO Thomas Toten. Nyhart currently is negotiating an expansion of the 20,000 square feet it leases at 8415 Allison Pointe Blvd. in the Castleton area.
Nyhart currently has 68 full-time employees in Indianapolis and about another 30 across five other states. The firm already has started hiring additional actuaries, administrators and benefit consultants from college programs for its Indianapolis expansion.
“Indiana's colleges provide an excellent supply of skilled talent, with curriculums that directly benefit our company's operations," Totten said. "When visiting universities across the state, I'm consistently impressed with the students I meet and try to bring the top minds back to our organization."
Founded in 1943, Nyhart provides consulting services to more than 1,000 public and private companies in 48 states on issues such as pensions, retirement benefits, compensation and other employee benefits.
The Indiana Economic Development Corp. has offered Nyhart up to $325,000 in conditional tax credits and up to $35,000 in training grants based on the company’s job-creation plans. The credits are performance-based, meaning the company cannot claim incentives until employees are hired.
Nyhart has been in growth mode lately. In August, Nyhart acquired San Diego-based The Epler Co., a regional actuarial, employee benefits and compensation strategies firm. Financial terms of the deal were not disclosed.
Previously, Nyhart acquired a retirement administration group in Kansas City, Mo., in December 2010, added a government-centric pension practice in Atlanta in June 2011, and opened an office in St. Louis in April 2012.