Ascensus

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Ascensus, LLC is an American financial services company that helps people save for retirement and education. It offers recordkeeping, tax-advantaged savings administration, and related services for retirement plans, 529 college savings plans, and state-facilitated programs. As of 2024, the company manages more than 14 million accounts and over $808 billion in assets under administration, and it administers more than $1 billion in state-facilitated retirement programs.

Founded in 1980 by The Barclay Group, Ascensus is headquartered in Dresher, Pennsylvania. It primarily partners with financial institutions and government agencies to serve their employees and clients.

Ownership and growth: Ascensus has changed owners several times. It was acquired in 2015 by Genstar Capital and Aquiline Capital Partners. In 2021 it was sold to Stone Point Capital and GIC. The company has pursued growth through acquisitions, including Newport Group in 2021, and there were talks of a possible initial public offering around that time.

What it does: Ascensus provides recordkeeping and plan administration for both qualified and nonqualified retirement plans, such as 401(k), 403(b), multiple employer plans (MEPs), and pooled employer plans (PEPs), as well as SEPs, SIMPLEs, and IRAs. It offers fiduciary services (3(16) and 3(38)) and ERISA support. The company also runs state savings programs, including Illinois’ Secure Choice and California’s CalSavers, and it supports ABLE accounts for disability savings. It manages Upromise Investments (Sallie Mae’s 529 program administrator) and operates the ReadySave 529 app used by state governments. In 2016, it helped Nevada launch a 529 plan with Wealthfront.

Brand and services: Under the FuturePlan by Ascensus brand, the company provides plan design, consulting, regulatory compliance, and end-to-end administration for defined contribution plans, along with defined benefit, cash balance, and prevailing wage benefits.

Recent moves: In 2024, Ascensus acquired Vanguard Group’s Individual 401(k), Multi-SEP, and SIMPLE IRA plans, and the 401(k) recordkeeping business from Mutual of Omaha, expanding its reach in state and employer retirement programs.