Ascensus, Inc.
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| Industry | Financial Services |
|---|---|
| Founded | 1975 |
| Headquarters | Dresher, Pennsylvania, United States |
| Products | retirement plans; 529 plans; individual retirement accounts; health savings accounts |
| Website | http://www.ascensus.com |
Ascensus, Inc., founded in 1975 and based in Dresher, Pennsylvania, is is the nation’s largest independent retirement and college savings services provider, with more than $139 billion in assets under administration. The firm also offers administration, education, and compliance services to banking institutions (offering health savings accounts and IRAs). The company is a NAFCU (National Association of Federally-Insured Credit Unions) Preferred Partner. Ascensus provides record-keeping, administrative, and program management services. The company does not offer investment advice.
Retirement Savings
Ascensus is one of the largest independently operated retirement plan service providers in the United States, servicing more than 47,000 retirement plans through various partnerships. The company is focused on giving small businesses the same access to retirement and savings benefits as large-scale corporations. Current institutional partners include LPL Financial, Merrill Lynch, and The Vanguard Group, among others.
In December 2016, Ascensus was chosen to manage the Oregon Retirement Savings Plan, the first state-sponsored retirement savings plan in the country. With it, Oregon aims to cover around 1 million working citizens who are currently not covered by an employer-sponsored retirement plan. This program will launch in summer 2017.
College Savings
In 2013, Ascensus acquired Upromise Investments, Sallie Mae’s 529 college savings plan administrator. This positioned the company to grow within the 529 plan space and resulted in the formation of its Ascensus College Savings division. The company also manages Ugift, its third-party giving program allowing family and friends to transfer money into 529 plans.
In 2015, Ascensus College Savings was selected to manage the Rhode Island state 529 plan, CollegeBoundfund, in partnership with Invesco. In June 2016, Ascensus opened a branch in Warwick, Rhode Island. 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.
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 College Savings division, is administering the program.
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