Transcorp Pension Services Inc

An Irvine pension administrator that oversees more than $700 million in retirement funds has agreed to abide by a Securities and Exchange Commission order prohibiting it from holding customers' cash and securities, the agency said Wednesday. Transcorp Pension Services Inc., without admitting any wrongdoing, agreed to "cease and desist" from acting as a broker-dealer or a custodian of assets unless it first obtains the necessary licenses, the agency said.

An Irvine pension administrator that oversees more than $700 million in retirement funds has agreed to abide by a Securities and Exchange Commission order prohibiting it from holding customers' cash and securities, the agency said Wednesday. Transcorp Pension Services Inc., without admitting any wrongdoing, agreed to "cease and desist" from acting as a broker-dealer or a custodian of assets unless it first obtains the necessary licenses, the agency said.