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Ascensus

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Ascensus, LLC. is an American financial services company that provides financial recordkeeping, tax-advantaged savings and retirement plan services. As of 2024, the company reports that it manages more than 14 million accounts and oversees more than $808 billion in assets under administration. Ascensus primarily partners with financial institutions and government agencies to provide services to their employees and clients.[3][4][5]

Ascensus, LLC.
Company typePrivate
IndustryFinancial services
Founded1980; 44 years ago (1980)
Headquarters
Dresher, Pennsylvania
,
United States
Key people
David Musto[1]
(Chair & CEO); Nick Good, President
ProductsRetirement plans; 529 plans; individual retirement accounts
Number of employees
5,500 (2023[2])
Websitewww.ascensus.com

History and ownership

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Ascensus was founded in 1980 by The Barclay Group; the head office is in Dresher, Pennsylvania.[6][7]

In 2015, Ascensus was offered for sale by private equity investment firm JC Flowers.[8] In the fourth quarter of 2015, the company was acquired by Genstar Capital and Aquiline Capital Partners.[9] The company is a NAFCU (National Association of Federally-Insured Credit Unions) Preferred Partner.[10]


In 2021, Ascensus was sold[11] by Genstar Capital and Aquiline Capital Partners to Stone Point Capital LLC and GIC. The company is pursuing expansion through the acquisition of several other industry brands and service offerings, including Newport Group in Fall 2021. [12]

Lines of Business

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Retirement savings

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Ascensus provides recordkeeping and administration services for qualified and nonqualified retirement plans, including 401(k), 403(b), Multiple Employer Plans (MEPs), Pooled Employer Plans (PEPs), Simplified Employee Pension Plans (SEP), Savings Incentive Match Plans for Employees (SIMPLE) and IRA plans. Ascensus also provides 3(16) and 3(38) fiduciary services, as well ERISA support services.

Ascensus was chosen to manage Illinois’ retirement savings program, Secure Choice, in July 2017. Secure Choice was launched in phases in 2018 and 2019. The program is expected to cover 1.2 million workers.[13]

In August 2018, it was announced that Ascensus would administer California's retirement savings program, CalSavers.[14] In July 2019, California began offering 7 million workers the opportunity to contribute to an IRA through CalSavers.[15]

In 2024, Ascensus acquired The Vanguard Group Individual 401(k), Multi-SEP, and SIMPLE IRA Plans. The company also acquired 401(k) Recordkeeping Business from Mutual of Omaha.[16][17]

As of 2024, Ascensus administers over $1 Billion in State-facilitated retirement programs.[18]

Government savings

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Ascensus partners with government agencies to provide savings plans for education (529 plans), State-Facilitated Retirement Plans (SFRP), and those living with a disability (ABLE accounts).[19]

In 2013, Ascensus acquired Upromise Investments, Sallie Mae's 529 college savings plan administrator.[20] This resulted in the formation of its government savings division. The company also manages Ugift, its third-party giving program allowing family and friends to transfer money into 529 plans.[21]

In 2015, Ascensus Government Savings was selected to manage the Rhode Island state 529 plan, CollegeBoundfund, in partnership with Invesco.[22] In 2016, Ascensus College Savings partnered with Wealthfront, an automated investment service, to provide the state of Nevada with a 529 savings plan. This marks the first plan of this type to use an automated investment service.[23]

Ascensus administers the ReadySave 529 app, which is used by State governments to enable families to manage their 529 education savings accounts.[24][25][26]

Savings for individuals with disabilities

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In February 2017, Illinois announced a 14-state partnership program, the National Achieving a Better Life Experience (ABLE) Alliance, the nation's largest multi-state agreement, that encourages residents to make investments to help disabled or blind citizens save for the future. Ascensus, through their Government Savings division, is administering the program.[27]

FuturePlan by Ascensus

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Under the brandname "FuturePlan by Ascensus," Ascensus provides plan design, strategic consulting, IRS and Department of Labor (DOL) regulatory compliance services, and end-to-end plan administration for defined contribution plans. FuturePlan also offers defined benefit, cash balance, as well as prevailing wage benefits.[28][29]

References

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  1. ^ "Our Leadership". Ascensus.
  2. ^ "Ascensus Closes Newport Merger Agreement". Stone Point. Retrieved 2024-04-30.
  3. ^ "Ascensus LLC - Company Profile and News". Bloomberg.com. Retrieved 2024-04-30.
  4. ^ Ascensus. "Ascensus Closes Newport Merger Agreement". www.prnewswire.com (Press release). Retrieved 2024-04-30.
  5. ^ "Our Story". Ascensus LLC. Retrieved 2024-04-30.
  6. ^ "Ascensus | NYBA". www.nyba.com. Retrieved 2016-08-19.
  7. ^ "Servant leadership in a financial crisis". Retrieved 2016-08-19.
  8. ^ "Ascensus Back on the Block - NAPA Net". 2015-05-12. Retrieved 2016-08-19.
  9. ^ "Genstar Capital". news.gencap.com. Archived from the original on 2016-08-20. Retrieved 2016-08-19.
  10. ^ "IRAs, Retirement Plan and Health Savings Account (HSA) Solutions | Ascensus | NAFCU". www.nafcu.org. Retrieved 2017-01-24.
  11. ^ "Ascensus to Be Acquired by Stone Point Capital and GIC From Private-Equity Consortium". Ascensus. 2021-04-26. Retrieved 2022-04-21.
  12. ^ Ascensus. "Ascensus Closes Newport Merger Agreement". www.prnewswire.com (Press release). Retrieved 2024-04-30.
  13. ^ Frerichs, Michael (July 20, 2017). "Illinois Secure Choice Board Selects Ascensus to Manage Retirement Savings Program" (PDF). OFFICE OF ILLINOIS STATE TREASURER. Archived (PDF) from the original on 2020-02-19. Retrieved March 10, 2020.
  14. ^ "CalSavers Board Selects Ascensus to Administer New Retirement Program". Ascensus. 2018-08-16. Retrieved 2020-03-12.
  15. ^ "News Releases - STO". www.treasurer.ca.gov. Retrieved 2020-03-12.
  16. ^ "Ascensus to Acquire Mutual of Omaha's 401(k) Business | PLANADVISER". www.planadviser.com. Retrieved 2024-05-22.
  17. ^ Correia, Margarida (April 17, 2024). "Ascensus to acquire Vanguard's single-owner 401(k), multi-SEP and SIMPLE IRA plans". Pensions & Investments.
  18. ^ Hallez, Emile (April 5, 2024). "Ascensus hits $1B mark in state auto-IRAs". InvestmentNews. Retrieved May 22, 2024.
  19. ^ "State governments". Ascensus LLC. Retrieved 2024-04-30.
  20. ^ "Ascensus Enters into Agreement to Acquire 529 Plan Administration Business from Sallie Mae | Sallie Mae Online Newsroom". news.salliemae.com. Retrieved 2016-08-19.
  21. ^ Anderson, Tom (2015-05-29). "Why don't more Americans use this key to college?". CNBC. Retrieved 2017-01-24.
  22. ^ "Rhode Island Selects Ascensus College Savings and Invesco for CollegeBoundfund College Savings Program | Business Wire". www.businesswire.com. 2015-11-18. Retrieved 2016-08-19.
  23. ^ Wealthfront. "Wealthfront To Launch 529 College Savings Plan In Partnership With The State Of Nevada And Ascensus College Savings". www.prnewswire.com (Press release). Retrieved 2016-08-19.
  24. ^ "Michigan Launches ReadySave 529 College Savings Mobile App". Moody on the Market. Retrieved 2024-05-22.
  25. ^ "Edvest launches college savings app". FOX6 News Milwaukee. 2021-06-21. Retrieved 2024-05-22.
  26. ^ Ascensus. "Ascensus Launches READYSAVE™ 529 Mobile App". www.prnewswire.com (Press release). Retrieved 2024-05-22.
  27. ^ "ABLE investment program to help residents with disabilities". Retrieved 2017-05-12.
  28. ^ "Ascensus Announces FuturePlan Leadership Change". Ascensus LLC. Retrieved 2024-04-30.
  29. ^ Ascensus, FuturePlan by. "FuturePlan Expands Retirement Plan Options with New Employer Aggregated Plan". www.prnewswire.com (Press release). Retrieved 2024-04-30.
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