|                                           |         | STATE OF     |         |                                       |
|------------------------------------------------|--------------|-------------------|--------------|--------------------------------------------|
| SUBSIDIARY NAME                           |         | INCORPORATION     |         | ADDRESS                                    |
|                                           |         |              |         |                                       |
| ABR      Advisors, Inc.                        |         | Delaware          |         | 2985      Navajo Street, Suite 2           |
|                                           |         |              |         | Yorktown      Heights, NY 10598            |
|                                           |         |              |         |                                       |
| Alan      N. Kanter & Associates, Inc.     |         | Maryland          |         | 31      Walker Avenue, Ste. 200            |
|                                           |         |              |         | Pikesville,      MD  21208-4020  |
|                                           |         |              |         |                                       |
| Alaska      Pension Services, Ltd.             |         | Alaska            |         | 400      D Street, Suite 300               |
|                                           |         |              |         | Anchorage,      AK  99501        |
|                                           |         |              |         |                                       |
| Asset      Preservation Corp.                  |         | Pennsylvania      |         | 800      Enterprise Road, Suite 103        |
|                                           |         |              |         | Horsham,      PA  19044          |
|                                           |         |              |         |                                       |
| Benefit      Dynamics, Inc.                    |         | Pennsylvania      |         | 89      N. Haddon Avenue, Suite D          |
|                                           |         |              |         | Haddonfield,      NJ  08033      |
|                                           |         |              |         |                                       |
| Benefit      Management Inc.                   |         | Massachusetts     |         | 3      Lyons Way                           |
|                                           |         |              |         | North      Attleboro, MA  02763  |
|                                           |         |              |         |                                       |
| BPI/PPA      Inc.                              |         | Delaware          |         | 1013      Centre Road                      |
|                                           |         |              |         | Wilmington,      DE  10805       |
|                                           |         |              |         |                                       |
| California      Investment Annuity Sales, Inc. |         | California        |         | 4640      Admiralty Way, 9th      Floor    |
|                                           |         |              |         | Marina      Del Rey, CA  90292   |
|                                           |         |              |         |                                       |
| Circle      Pension, Inc.                      |         | New      York     |         | Empire      State Bldg.,                   |
|                                           |         |              |         | 350      Fifth Ave., Suite 6708            |
|                                           |         |              |         | New      York, NY  10118         |
|                                           |         |              |         |                                       |
| Complete      Investment Management, Inc.      |         | Pennsylvania      |         | 800      Enterprise Road, Suite 103        |
|                                           |         |              |         | Horsham,      PA 19044                     |
|                                           |         |              |         |                                       |
| Doyle      Barnett Associates, Inc.            |         | New      York     |         | 2985      Navajo Street, Suite 2           |
|                                           |         |              |         | Yorktown      Heights, NY  10598 |
|                                           |         |              |         |                                       |
| Haddon      Strategic Alliances, Inc.          |         | New      Jersey   |         | 89      N. Haddon Avenue, Suite D          |
|                                           |         |              |         | Haddonfield,      NJ  08033      |
|                                           |         |              |         |                                       |
| Lamoriello      & Co., Inc.                |         | Rhode      Island |         | 2374      Post Road, Suite 1               |
|                                           |         |              |         | Warwick,      RI  02886          |
|                                           |         |              |         |                                       |
| National      Actuarial Pension Services, Inc. |         | Texas             |         | 10777      Westheimer Road, Suite 220      |
|                                           |         |              |         | Houston,      TX  77042          |
|                                           |         |              |         |                                       |
| National      Associates, Inc. NW              |         | Washington        |         | 600      Stewart Street, Suite1600         |
|                                           |         |              |         | Seattle,      WA  98101          |
|                                           |         |              |         |                                       |
| Pension      Administration Services, Inc.     |         | Pennsylvania      |         | 800      Enterprise Road, Suite 103        |
|                                           |    |              |    | Horsham,      PA 19044                     |

----

|                                         |         | STATE OF   |         |                                        |
|----------------------------------------------|--------------|-----------------|--------------|---------------------------------------------|
| SUBSIDIARY NAME                         |         | INCORPORATION   |         | ADDRESS                                     |
|                                         |         |            |         |                                        |
| Pentec      Capital Management, Inc.         |         | Connecticut     |         | 72      Queen Street                        |
|                                         |         |            |         | Southington,      CT  06489       |
|                                         |         |            |         |                                        |
| Pentec,      Inc.                            |         | Connecticut     |         | 72      Queen Street                        |
|                                         |         |            |         | Southington,      CT  06489       |
|                                         |         |            |         |                                        |
| Pension      Technical Services, Inc         |         | Colorado        |         | 4600      South Ulster Street, Suite 680    |
| d/b/a      REPTECH Corp.                     |         |            |         | Denver,      CO  80237            |
|                                         |         |            |         |                                        |
| Southeastern      Pension Services, Inc.     |         | Florida         |         | 1525      International Parkway, Suite 2071 |
|                                         |         |            |         | Lake      Mary, FL  32746         |
|                                         |         |            |         |                                        |
| Stephen      H. Rosen & Associates, Inc. |         | New      Jersey |         | 89      North Haddon Avenue, Suite D        |
|                                         |         |            |         | Haddonfield,      NJ  08033       |
|                                         |         |            |         |                                        |
| The      Pension Alliance, Inc.              |         | Pennsylvania    |         | 4000      Crums Mill Road, Suite 102        |
|                                         |         |            |         | Harrisburg,      PA  17112        |
|                                         |         |            |         |                                        |
| The      Pension Group, Inc.                 |         | California      |         | 23046      Avenida de la Carlota, Suite 500 |
|                                         |         |            |         | Laguna      Hills, CA  92653      |
|                                         |         |            |         |                                        |
| Valley      Forge Consulting Corporation     |         | Pennsylvania    |         | 998      Old Eagle School Road, Suite 1206  |
|                                         |         |            |         | Wayne,      PA  19087             |
|                                         |         |            |         |                                        |
| VEBA      Administrators, Inc.               |         | California      |         | 4640      Admiralty Way, 9th      Floor     |
| d/b/a      Benefit Planning, Inc.            |         |            |         | Marina      Del Rey, CA                     |
|                                         |         |            |         |                                        |
| V.F.      Associates, Inc                    |         | Pennsylvania    |         | 998      Old Eagle School Road, Suite 1206  |
|                                         |         |            |         | Wayne,      PA  19087             |
|                                         |         |            |         |                                        |
| VFE      Merger Corp.                        |         |            |         | 998      Old Eagle School Road, Suite 1206  |
| a/k/a/      Valley Forge Enterprises, Ltd.   |         | Pennsylvania    |         | Wayne,      PA  19087             |
|                                         |         |            |         |                                        |
| V.F.      Investment Services Corp.          |         | Pennsylvania    |         | 998      Old Eagle School Road, Suite 1206  |
|                                         |    |            |    | Wayne,      PA  19087             |

----