// Workers AI · dad joke modeWhat did Ascensus say to its friend? You're ascending to new heights.
 | |
| Type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1980 |
| Headquarters | , United States |
Key people | |
| Products | Retirement plans; 529 plans; individual retirement accounts |
Number of employees | 5,500 (2023[3]) |
| Website | www |
Ascensus, LLC. is an American financial services company that provides financial recordkeeping, tax-advantaged savings and retirement plan services. As of 2026, Ascensus reports that it has more than 16 million account holders and more than $913 billion in assets under administration.[4] Ascensus primarily partners with financial institutions and government agencies to provide services to their employees and clients.[5][6]
History and ownership
[edit]Ascensus was founded in 1980 by the Barclay Group; the head office is in Dresher, Pennsylvania.[7][8]
In 2015, Ascensus was offered for sale by private equity investment firm JC Flowers.[9] In the fourth quarter of 2015, the company was acquired by Genstar Capital and Aquiline Capital Partners.[10] The company is a NAFCU (National Association of Federally-Insured Credit Unions) Preferred Partner.[11]
In 2021, Ascensus was sold[12] by Genstar Capital and Aquiline Capital Partners to Stone Point Capital LLC and GIC. The company was pursuing expansion through the acquisition of several other industry brands and service offerings, including Newport Group in Fall 2021.
In 2021, Ascensus was planning for a potential IPO.[13]
In January 2026, Ascensus announced that it had surpassed $300 billion in total 529 plan assets under administration, serving more than 8.5 million accounts.[14] The company also announced an agreement to acquire AmericanTCS, a provider of retirement, trust and custody, and technology automation solutions.[15]
Lines of business
[edit]Retirement savings
[edit]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.[16]
In August 2018, it was announced that Ascensus would administer California's retirement savings program, CalSavers.[17] In July 2019, California began offering 7 million workers the opportunity to contribute to an IRA through CalSavers.[18]
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.[19][20]
As of 2024, Ascensus administers over $1 Billion in State-facilitated retirement programs.[21][22]
Government savings
[edit]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).[23]
In 2013, Ascensus acquired Upromise Investments, Sallie Mae's 529 college savings plan administrator.[24] 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.[25]
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.[26][27]
Savings for individuals with disabilities
[edit]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 administers the program through its Government Savings division.[28]
FuturePlan by Ascensus
[edit]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.[29]
References
[edit]- 1 2 Rueda, Edward (October 8, 2025). "Ascensus Names Nick Good as CEO". Planadvisor.
- 1 2 "Our Leadership". Ascensus.
- ↑ "Ascensus Closes Newport Merger Agreement". Stone Point. Retrieved April 30, 2024.
- ↑ "Ascensus Strengthens Retirement Leadership Team to Accelerate Growth". Ascensus. May 19, 2026.
- ↑ "Ascensus LLC - Company Profile and News". Bloomberg.com. Retrieved April 30, 2024.
- ↑ "Our Story". Ascensus LLC. Retrieved April 30, 2024.
- ↑ "Ascensus". New York Bankers Association. Retrieved August 19, 2016.
- ↑ "Servant leadership in a financial crisis". Retrieved August 19, 2016.
- ↑ "Ascensus Back on the Block - NAPA Net". May 12, 2015. Retrieved August 19, 2016.
- ↑ "Genstar Capital". news.gencap.com. Archived from the original on August 20, 2016. Retrieved August 19, 2016.
- ↑ "IRAs, Retirement Plan and Health Savings Account (HSA) Solutions | Ascensus | NAFCU". www.nafcu.org. Retrieved January 24, 2017.
- ↑ "Ascensus to Be Acquired by Stone Point Capital and GIC From Private-Equity Consortium". Ascensus. April 26, 2021. Retrieved April 21, 2022.
- ↑ French, David; Roumeliotis, Greg (October 2, 2020). "Savings provider Ascensus prepares for mid-2021 IPO – sources". Reuters.
- ↑ Umpierrez, Amanda (January 20, 2026). "Ascensus Hits $300B in 529 Assets". 401(k) Specialist.
- ↑ Randall, Steve (May 11, 2026). "Ascensus broadens retirement technology capabilities with AmericanTCS acquisition". InvestmentNews.
- ↑ 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 February 19, 2020. Retrieved March 10, 2020.
- ↑ "California's New Retirement Plan Selects State Street to Manage Its Investments". Institutional Investor. August 17, 2018. Retrieved December 28, 2024.
- ↑ "News Releases - STO". State of California Office of the State Treasurer. Retrieved March 12, 2020.
- ↑ "Ascensus to Acquire Mutual of Omaha's 401(k) Business". Plan Adviser. March 27, 2024. Retrieved May 22, 2024.
- ↑ Correia, Margarida (April 17, 2024). "Ascensus to acquire Vanguard's single-owner 401(k), multi-SEP and SIMPLE IRA plans". Pensions & Investments.
- ↑ Hallez, Emile (April 5, 2024). "Ascensus hits $1B mark in state auto-IRAs". InvestmentNews. Retrieved May 22, 2024.
- ↑ "Corporate Roundup: Ascensus Surpasses $1B in State-IRAs, NEPC Names DC Solutions Lead - 401(k) Specialist". May 23, 2024. Archived from the original on May 23, 2024. Retrieved December 28, 2024.
- ↑ "State governments". Ascensus LLC. Retrieved April 30, 2024.
- ↑ "Ascensus Enters into Agreement to Acquire 529 Plan Administration Business from Sallie Mae | Sallie Mae Online Newsroom". news.salliemae.com. Retrieved August 19, 2016.
- ↑ Anderson, Tom (May 29, 2015). "Why don't more Americans use this key to college?". CNBC. Retrieved January 24, 2017.
- ↑ "Michigan Launches ReadySave 529 College Savings Mobile App". Moody on the Market. Retrieved May 22, 2024.
- ↑ "Edvest launches college savings app". FOX6 News Milwaukee. June 21, 2021. Retrieved May 22, 2024.
- ↑ "ABLE investment program to help residents with disabilities". Retrieved May 12, 2017.
- ↑ "Ascensus Announces FuturePlan Leadership Change". Ascensus LLC. Retrieved April 30, 2024.