Ascensus

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]

Ascensus, LLC.

Company type	Private
Industry	Financial services
Founded	1980; 45 years ago (1980)
Headquarters	Dresher, Pennsylvania , United States
Key people	David Musto[1] (chair & CEO) Nick Good (president)
Products	Retirement plans; 529 plans; individual retirement accounts
Number of employees	5,500 (2023[2])
Website	www.ascensus.com

History and ownership

Ascensus was founded in 1980 by The Barclay Group; the head office is in Dresher, Pennsylvania.^[5][6]

In 2015, Ascensus was offered for sale by private equity investment firm JC Flowers.^[7] In the fourth quarter of 2015, the company was acquired by Genstar Capital and Aquiline Capital Partners.^[8] The company is a NAFCU (National Association of Federally-Insured Credit Unions) Preferred Partner.^[9]

In 2021, Ascensus was sold^[10] 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.

In 2021, Ascensus planned for a potential IPO.^[11]

Lines of Business

Retirement savings

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.^[12]

In August 2018, it was announced that Ascensus would administer California's retirement savings program, CalSavers.^[13] In July 2019, California began offering 7 million workers the opportunity to contribute to an IRA through CalSavers.^[14]

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.^[15][16]

As of 2024, Ascensus administers over $1 Billion in State-facilitated retirement programs.^[17][18]

Government savings

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. 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.

Ascensus administers the ReadySave 529 app, which is used by State governments to enable families to manage their 529 education savings accounts.^[22][23]

Savings for individuals with disabilities

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.^[24]

FuturePlan by Ascensus

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.^[25]