Y10 SUNDAY,NOVEMBER 1, 2009 2ND AN ADVERTISING SUPPLEMENT TO THE INDIANAPOLIS STAR
indystar.com/50years Profiles of businesses that have been around 50 yearsormore
The NyhartCo. continues to thrive
and provide innova tive solutions
By Shari Held ForCustom Publications
In 1943, HowardE. Time line
Nyhart, a ninsurance
1943: The company is foundedspecialist with a
by Howard E. Nyhart.yentostarthis own
1979: Eldon Nyhart, Howard’s
son, begins Employee Stockcompany, founded
Ownership Program.The NyhartCo.
1991: Under Daryl Dean,
the company’sthirdCEO,In the earlyyears,the com pany
Nyhartbecomes a100 percentprovided pensionplans to
employee-owned company.
employers.Bythe late ’50s,the 1999:
Nyhartjoins Alliancecompanyexpanded into health care
Benefit Group, anationwideadministration.
affiliation of 12 retirementfirms.The Nyharts wereawell-
respected familyinthe Indianapolis 2003: Nyhartacquires Carmel-
ykcommunity, known for being patrons based Sheridan Associates.
Lebrof the arts. Eldon Nyhart, H oward’s
Marc 2005: Nyhartacquiressonand Nyhart’ssecond CEO,
Greenwood-based 401(k)servedon the board of directors for
Photo: Administrative Solutions.
At the employee-owned Nyhart Co., there are no titles on business cards and offices are of equal size.the Indianapolis Museum of Art.
“Wehad adistinguished number 2006: Nyhart’shealth care
Growing a nd consolidating division is sold t oaventureof people who servedonthe Nyhart family’s Yellow Pages company into care divisionin2006 to concentrate
the business capitalist and spun out asboardofdirectors over the years abillion-dollar business; and Wilson on the other segments of the
Meritain.as well,” said Thomas Totten, the W. Wyatt, alieutenant governor of Totten attributes the company’s business.
company’s fifth and current C EO. Kentucky. success t oits staff. Todaythe companyhas 75 2007: Nyhartop ens its
Thanks to the family’sreputation “Wehavegrown ourstaff by employees —most of whomworkin Chicago office in Deerfield, Ill.
Creating anew cultureand connections, that list included selecting the bestcollege graduates the Indianapolis office —and does 2009:
Nyhartisranked asL.S.Ayres II, whoservedinthe It was Eldonwho, in 1979, began in the state and the most highly business in 48 states. It’s the state’s
the No. 3small b usiness tolate ’50s and early ’60s; John Berry the process of transforming Nyhart qualified professionals,” he said. largest pensionactuarial consulting
work for in Indiana by Theof Dayton,Ohio, who built his from afamily-owned business into “Most of the people herecame from companyand oneofIndiana’s largest
Indianapolis Star.
an employee-owned business.That international firms and brought with 401(k) recordkeeping companies. It 2009:
Nyhartisrecognizedtransformationwa scompleted in them the skills a nd abilities they also provides con sulting services on
as one of the 2009IndianaQuick facts 1991 by Daryl Dean, the company’s honed theretobe nefit our clients.” flexible spending accounts.
Companies to WatchbythethirdCEO.Itchanged the landscape In the early ’80s,Nyhartadded the “Asopposed to other retirement
Indiana Economic DevelopmentThe NyhartCo. of the corporate cultureforever. 401(k) business to its mix.Twenty firms, whichare mainly
Corporation.
Everyemployeewa snow apart- years later,the growth spurtbegan. administrativein nature, we offerAddress: 8415 Allison Pointe,
Ste. 300, Indianapolis owner in the companyand had a In 2003, the companyacquired very high-end con sulting,”Totten
Phone: (317) 845-3500, vested interest i nits reputationand Carmel-based Sheridan Associates, said.“And we bri ng newand
(800) 428-7106 performance. whichprovided Nyhart, known as innovativesolutions backtoour
Website: www.nyhart.com “This model has w orked well amedium- to large-plan provider, clients. We aregetting ready to office in Chicago to expand its
Founded: 1943 for us,”Totten s aid,“ashas the fact entryinto the smallretirement plan release our next generationof401(k) clientele there.
Owner: Owned by the employees that we haveafl at organizational business. In 2005,the company plans, whichrepresent the best ideas “Weare currently growing at
through an ESOP structure.Thereare no titles on acquired Greenwood-based 401(k) from the firm.” double-digit rates and havebeen,
Services: Retirement plan our business cards. No one’soffice AdministrativeSo lutions, giving In Indiana, Nyhartworks with even in 2009,”Totten said.“Wepl an
services, flexible spending account is bigger than anyoneelse’s office. Nyharthigher-end technological some of the state’s largest companies futureexpansion and acquisitions to
management, human resources We trytokeep a fairly egalitarian capabilities.The companypeaked at and anticipates m oregrowthahead. further our growt hand to add more
consulting and actuarial services
culture.” 180 employees until it sold its health In 2007, the companyopened an clients to the stable.”●
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