News Releases

Ascensus’ Annual Savings Trends Report Reveals How Individuals Are Saving for Their Financial Futures

Proprietary Data Offers Valuable Insights into How Americans Are Contributing to 401(k)s, 529 College Savings Plans, Health Savings Accounts, and ABLE Accounts

Dresher, PA — Ascensus—whose technology and expertise helps millions of people save for retirement, education, and healthcare—has released its annual savings trends report, Inside America’s Savings Plans. As the nation’s largest independent recordkeeping services provider and government savings facilitator, Ascensus offers a unique, comprehensive perspective into how Americans are saving for the future.

The report provides insight into the savings behaviors of 401(k), 529, health savings, and ABLE account holders on the Ascensus platform and reveals how key elements of plan design can impact savings outcomes.

This represents the first annual report in which Ascensus has incorporated data on ABLE savings behaviors; the firm will continue to share insights into the development of this new market as more Americans begin to invest in these specialized accounts to support beneficiaries living with disabilities or blindness.

The following trends reflect how savers are leveraging and engaging with tax-advantaged savings vehicles administered by Ascensus.

Savers are beginning to recognize the importance of starting to save early in their adult lives.

  • Retirement savers ages 25 to 34 are most likely to be on track to meet their retirement goals.
  • More than half of all new 529 accounts are opened when beneficiaries are aged five or younger.

Account owners and plan sponsors alike are seeing value in making saving automatic.

  • Automatic features continue to boost retirement plan participation rates. Plans designed with automatic enrollment features see an average participation rate of 80%, which is 10 percentage points higher than participation in plans without automatic enrollment.
  • 529 and ABLE account owners leverage automatic savings to make the contribution process more regular and easier to manage.
  • By pairing HSAs with high deductible health plans and enabling payroll direct deposit, employers help employees build a health savings foundation.

Savers are making progress toward their goals but are still facing an overall savings deficit.

  • 401(k) account balances across all generations and income ranges are relatively low compared to what most experts suggest will be required to cover retirement goals.
  • The average 529 account balance for beneficiaries ages 16 to 17 would cover slightly more than half of a “two plus two” college education, consisting of two years at a community college followed by another two at a public university.1

“Our analysis offers some preliminary answers as to how and when individuals are saving for a more secure financial future,” states David Musto, president at Ascensus. “But at its core, it confirms that there’s no one-size-fits-all approach to planning for what matters most—retirement, education, and healthcare.”

“Employers, state governments, and financial advisors continue to play an integral role in encouraging individuals to make the most of the savings tools available to them,” concludes Musto.

For additional trends and insights from Ascensus, visit pulse.ascensus.com.

 

About Ascensus
Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most—retirement, education, and healthcare. For more information about Ascensus, visit ascensus.com. View career opportunities at careers.ascensus.com.

1Average Published Undergraduate Charges by Sector, 2017-18. Source: The College Board, Annual Survey of Colleges.


Ascensus White Paper Explores Opportunity to Address the Small Business Retirement Savings Deficit

Public Policy and Industry Solutions Taking on Retirement Plan Coverage and Quality Deficits

Dresher, PA — Ascensus—whose technology and expertise helps millions of people save for retirement, education, and healthcare—has released a white paper exploring recent innovations in both the public and private sectors that are addressing coverage and quality deficits in retirement plans for small business employees. In Focus: The Small Business Opportunity discusses the scale and impact of these enhancements on the retirement industry, financial advisors’ practices, and the financial lives of millions of Americans.

Small businesses play a critical role in the U.S. economy, employing about 47.5% of the U.S. workforce. The paper notes that the ranks of small business employment are increasingly accounted for by professionals, tech-centric entrepreneurs, and business owners over age 50. However, the small business segment has traditionally struggled to provide retirement plans for employees.

“Research suggests that small businesses are hindered by ‘twin deficits’ of both quality and coverage,” states David Musto, president at Ascensus. “Many small businesses have no workplace retirement benefit coverage at all—and those that sponsor plans struggle with cost and complexity.”

The white paper notes that a confluence of public policy solutions, industry best practices, and new technologies are being brought to bear to address the workplace savings challenge. In the public sector, new state-facilitated retirement programs have been or will be initiated in California, Connecticut, Illinois, Maryland, Oregon, and the city of Seattle. At the same time, Congress is considering long-discussed proposals for open multiple-employer plans that would allow small employers to jointly sponsor retirement savings plans.

Private Industry Solutions and Best Practice

For their part, plan recordkeepers, advisors, and third-party administrators (TPAs)–together with a steadily evolving array of technologies–are driving the evolution of solutions that make it easier for small businesses to sponsor plans and to improve outcomes for employees.

– Advisors are playing a critical role in assessing, navigating, and guiding small business plan sponsors through the increasingly complex range of choices they face in offering retirement benefits that can boost productivity and help with employee recruitment and retention.

– TPAs are collaborating with plan sponsors and their advisors to streamline regulatory disclosure and compliance and to evolve new technologies and more secure data solutions.

– Plan sponsors are increasingly outsourcing administrative functions associated with fiduciary compliance with Section 3(16) of the Employee Retirement Income Security Act (ERISA) in order to ensure that plan operations are consistent with regulatory mandates.

– To enhance savings levels for employees, small business owners are increasingly turning to Cash Balance plans, a hybrid savings mechanism that combines the flexibility and portability of 401(k) savings with the high contribution limits associated with traditional defined benefit plans. Cash Balance plans today top $1 trillion in assets under management, an increase of 61% over the past eight years.

– As the industry continues to experience consolidation among multi-purpose financial services firms, “purpose-built” firms wholly dedicated to the retirement plan marketplace are becoming providers of choice. These firms bring deep expertise in small and start-up plans, offering plan design consultation, investment flexibility, and scalable technology that enables them to service these plans efficiently.

“Small business owners and employees are at the cusp of a new world with multiple opportunities to join the workplace savings mainstream,” continues Musto. “Financial advisors, TPAs, recordkeepers, and other providers are re-defining retirement plan best practices for small businesses, dynamic contributors and vitally important innovators in the American economy.”

To download In Focus: The Small Business Opportunity, visit bit.ly/SmallBizOpp.

 

About Ascensus
Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most—retirement, education, and healthcare. For more information about Ascensus, visit ascensus.com. View career opportunities at careers.ascensus.com.


Ascensus Continues to Build Upon Qualified Retirement Plan Consulting and Administration Expertise with Agreement to Acquire Pension Works

Acquisition of Vermont-Based TPA Expands Firm’s Northeast Presence

Dresher, PA—Ascensus—whose technology and expertise helps millions of people save for retirement, education, and healthcare—has entered into an agreement to acquire Pension Works, Inc. The third-party administration (TPA) firm will immediately become part of Ascensus’ TPA Solutions division.

Based in Colchester, Vermont, Pension Works provides comprehensive services to qualified retirement plan sponsors. The firm, whose clients range from multinational corporations to small, family-owned businesses, custom-tailors retirement programs which work together with existing employee benefit packages. Areas of expertise include plan design and consulting; defined contribution, 403(b), and employee stock ownership plan administration; and defined benefit plan and actuarial support.

“Pension Works has put a lot of effort into making itself a complete administrative resource for qualified plan clients,” says Jerry Bramlett, head of TPA Solutions. “Their consultants and technicians—with their vast knowledge of plan design, administrative support, compliance testing, and more—will be a welcome addition to TPA Solutions.”

“At Pension Works, we provide comprehensive personal services, meticulous attention to detail, and timely dedication to the long-term needs of our client sponsors and their plan participants,” states Joseph Palchak, Pension Works’ president. “We’re looking forward to taking advantage of Ascensus’ scale to ensure that current and future clients receive the support that they need for their qualified retirement plans.”

“Joining Ascensus will greatly benefit our clients, as it will allow us to raise our services to the next level,” adds Tim Voigt, Pension Works’ vice president. “Ascensus’ resources will help us to develop new strategies for going above and beyond to ensure top-notch work while maintaining our allegiance to our clients and their best interests.”

“Pension Works’ strong service model, outstanding technical expertise, and commitment to successful client outcomes make them a perfect fit for Ascensus,” says Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “The Northeastern U.S. continues to be an important expansion market for us; we welcome Pension Works’ talented group of associates to Ascensus.”

 

About Ascensus
Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most—retirement, education, and healthcare. For more information about Ascensus, visit ascensus.com. View career opportunities at
careers.ascensus.com.


Ascensus Acquires ESOP Economics

Continues to Build ESOP Capabilities with Addition of ESOP Software and Consulting Company

Dresher, PA – Ascensus—whose technology and expertise helps millions of people save for retirement, education, and healthcare—has acquired ESOP Economics. The firm, which provides consulting and software solutions related to employee stock ownership plan (ESOP) repurchase obligations, has joined Ascensus’ TPA Solutions division.

Founded in 1993, ESOP Economics is the only firm that is exclusively focused on helping ESOP companies quantify their future repurchase obligations (i.e., their legal obligation to buy back stock distributed to ESOP participants) and develop strategies for managing and funding them. The firm’s Telescope™ software, developed specifically for the purpose of forecasting ESOP repurchase obligations, is widely recognized as the leading software product in its field. ESOP Economics has completed more than 1,000 repurchase obligation studies, sustainability analyses, and consulting projects during its 25-year history.

“Because repurchase obligations are our sole focus at ESOP Economics, we’ve developed a depth of experience over time that’s unmatched in the industry,” says Judy Kornfeld, founder and chief executive officer of ESOP Economics. “As part of Ascensus, we’ll continue to provide the crucial forecasts and information that clients need to make educated ESOP decisions for the future.”

“ESOP Economics is known not only for its software, but also for its staff’s expertise and the quality of the work it delivers to its clients,” says Jerry Bramlett, head of TPA Solutions. “Adding their reputation, skillset, and experience allows us to provide an even more robust ESOP offering to current and prospective clients.”

“In ESOP Economics, we saw an opportunity to execute on our growth strategy by continuing to invest in and develop TPA Solutions’ ESOP capabilities,” says Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “The associates at ESOP Economics have built a solid business with a strong reputation in the ESOP industry; we welcome Judy and her team to Ascensus.”

About Ascensus
Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most—retirement, education, and healthcare. For more information about Ascensus, visit ascensus.com. View career opportunities at careers.ascensus.com.


Cash Balance Coach® Certification Program Celebrates 10 Years of Success

Program’s history coincides with exponential growth in Cash Balance plans

Los Angeles, CA – Kravitz, Inc., an Ascensus company, is proud to announce the 10-year anniversary of Cash Balance Coach®, the nation’s first training and certification program for financial advisers and retirement plan professionals seeking to enter the fast-growing Cash Balance plan market.

The growth and success of the Cash Balance Coach program—which boasts 1,850 alumni—has coincided with a dramatic rise in the number of Cash Balance plans adopted nationwide, from just over 3,500 active plans in 2008 when Cash Balance Coach first launched, to almost 23,000 active Cash Balance plans today.

Also known as “hybrid” plans, Cash Balance plans combine the high contribution limits of traditional defined benefit plans with the flexibility and portability of a 401(k). Until the passage of the 2006 Pension Protection Act (PPA), the plans were largely unknown, limited in use, and needed legal clarification. The PPA and subsequent IRS regulations issued in 2010 and 2014 made Cash Balance plans simpler and easier for employers to adopt.

“We created Cash Balance Coach training and the Cash Balance Consultant (CBC) designation since we were spending a lot of time answering questions from financial advisers—helping them understand the Cash Balance concept and explaining how these plans are different from both 401(k) and traditional defined benefit plans,” said Dan Kravitz, head of Kravitz. “We were also speaking frequently at industry events and adviser meetings, and there was no educational option to meet this obvious educational need.”

“It made sense for us to consolidate all the informal training we were doing and offer a comprehensive educational program with a designation that can be a powerful marketing differentiator,” continued Kravitz.

Cash Balance Coach is a web-based training program with four modules covering everything from “Cash Balance 101” basics to an overview of compliance testing, plan design case studies, investment strategies, the impact of legislative changes, and many other topics. Each seminar is taught by a leading expert, including the top Cash Balance actuary at Kravitz, the firm’s plan design director, and leading sales consultants. An online exam follows with the opportunity to earn Kravitz’s CBC certification.

“Our goal is to empower advisers to bring all the benefits of Cash Balance plans to their clients, helping reduce the tax burden and catch up on delayed retirement savings,” Kravitz noted. “We continuously update the curriculum based on law changes, the tax environment, and other factors that impact the Cash Balance market. It has become so popular that many of our competitors have enrolled!”

Following the success of the program, Kravitz published a book on the topic, “Beyond the 401(k),” and expanded web-based training with frequent national webinars on such topics as tax reform and strategic plan terminations.

The latest live series starts October 16, with online registration at https://www.cashbalancedesign.com/cash-balance-coach/ for $199. All training is recorded for on-demand playback and is available year round as an on-demand program. Alumni also get coaching and sales support from Kravitz Sales Consultants across the nation, along with access to free plan designs and an extensive library of Cash Balance plan marketing materials.

 

About Kravitz

Since 1977, Kravitz, an Ascensus company, has delivered the latest in design, administration, and management of corporate retirement plans. The company designed its first Cash Balance plan in 1989. Headquartered in Los Angeles, the company has offices in New York, Chicago and Atlanta, with satellite offices in 11 other states. Kravitz was acquired by Ascensus, Inc. in 2017. Visit CashBalanceDesign.com.

 

About Ascensus
Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most—retirement, education, and healthcare. For more information about Ascensus, visit ascensus.com. View career opportunities at careers.ascensus.com.


Ascensus Appoints New Regional Vice President

Todd Engman Joins Sales Team to Support Financial Advisors and Their Clients in the North Region

Dresher, PA—Ascensus—whose technology and expertise helps millions of people save for retirement, education, and healthcare—is pleased to announce the appointment of Todd Engman as regional vice president on the firm’s retirement plan sales team for the North region, covering Minnesota, Wisconsin, North Dakota, and South Dakota.

In this role, Engman will work with financial advisors, third-party administrators, and financial institutions—including institutional partners and DCIO (defined contribution investment only) sales representatives—to build and maintain Ascensus’ retirement plan distribution networks. He will report directly to Anthony Bologna, vice president of retirement sales at Ascensus.

Engman has more than 10 years of retirement industry experience in relationship management, business development, and sales. He most recently served as 401(k) regional sales director for Lincoln Financial Distributors and has also held positions at Ameriprise Financial and Baker Tilly Investment Advisors. Engman earned his Bachelor of Arts degree in English from the University of Wisconsin-Madison and was recognized on NAPA’s Top 100 DC Industry Wholesalers list in 2017.

“Our financial advisors and their clients will benefit from Todd’s deep knowledge of retirement plans along with his strong strategy and communication skills,” said Jason Crane, head of retirement sales at Ascensus. “We’re fortunate to have him as part of our sales team in the North region.”

About Ascensus

Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most—retirement, education, and healthcare. For more information about Ascensus, visit ascensus.com. View career opportunities at careers.ascensus.com.


Ascensus Appoints Barb Yearout as President of Chard Snyder

Leading Employee Benefit Provider Poised to Continue Client Success and Growth

Dresher, PA. – Ascensus—whose technology and expertise helps millions of people save for retirement, education, and healthcare—is pleased to announce the appointment of Barb Yearout as president of Chard Snyder, a third-party administrator (TPA) of employee benefit solutions. Ascensus acquired Chard Snyder in April 2018.

Yearout, who has served as Chard Snyder’s vice president of operations for over three years, will assume responsibility for leading the vision, strategy, and growth of the organization at the end of September. This will coincide with the recently announced retirement of founders Joy Snyder and Ken Chard, whom Yearout will succeed. Well versed in operations, sales, account management, and people leadership, Yearout brings more than 25 years in the employee benefits/TPA industry to her new role.

Before joining Chard Snyder, Yearout held many leadership positions in the benefits industry. These include roles with Express Scripts, where she oversaw management and delivery of healthcare reform initiatives and market development for health plans, and UMR, where she led operations and account management. Yearout earned her Bachelor of Arts degree in Pre-Personnel and Industrial Relations from the University of Cincinnati and has a certificate in Senior Management from Xavier University.

“We’re extremely grateful to Joy and Ken for co-founding Chard Snyder and making it the industry leader that it is today,” said David Musto, president of Ascensus. “Their vision throughout the company’s history of exploring new distribution channels and implementing cutting edge technology made clients’ lives easier through a personal approach that included responsiveness, flexibility, and education.”

“It will be exciting to watch Barb and Chard Snyder’s high-performing leadership team continue to build upon Joy and Ken’s foundation as we drive the business to the next level,” Musto concluded.

About Ascensus

Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most—retirement, education, and healthcare.For more information about Ascensus, visit ascensus.com. View career opportunities at careers.ascensus.com.


New Cash Balance Retirement Plans Increase 15%, Plan Sponsor Contributions Up 30%

Cash Balance plans continue rising as the fastest growing sector of the retirement plan market, driven by small business demand and retirement savings shortfalls

Los Angeles, CA – Kravitz, Inc., an Ascensus company, today released the 2018 National Cash Balance Research Report, showing a 15% net increase in the number of new Cash Balance plans and a 30% rise in employer contributions. The 2018 report is the firm’s 10th annual review of the Cash Balance market, tracking a decade of double-digit annual growth as favorable legislation and wider public awareness continually increased the popularity of these IRS-qualified plans.

There were 20,452 Cash Balance plans active in 2016, the most recent year for which complete IRS reporting data is available. Also known as “hybrid” plans, Cash Balance plans combine the high contribution limits of traditional defined benefit plans with the flexibility and portability of a 401(k). Growth was expected to be slightly slower in 2016 due to election year uncertainty and possible changes to tax rates, but these factors did not ultimately impact the market. In fact, employer contributions to Cash Balance plans soared 30% to $38.2B up from $29.3B in 2015, for total plan assets of $1.03T.

“Cash Balance plans are particularly appealing to small business owners who need to catch up on delayed retirement savings,” said Dan Kravitz, head of Kravitz. “In many cases they can double or even triple their pre-tax retirement savings. Employers also typically increase contributions to employee accounts 50% or more when adding a Cash Balance plan, and that’s a vital competitive edge in a very tight labor market.”

Key findings from the 2018 National Cash Balance Research Report:

  • Small businesses are driving Cash Balance growth: 92% of Cash Balance plans are in place at firms with fewer than 100 employees; 57% have 10 or fewer employees.
  • Companies with Cash Balance plans increase their contributions to employee retirement savings 50% or more:The average employer contribution to staff retirement accounts is 6.9% of pay in companies with both Cash Balance and 401(k) plans, versus 4.7% of pay in firms with a 401(k) plan alone.
  • California and New York have the most plans overall while the fastest growth has been in Georgia and Michigan:California and New York account for 25% of all new Cash Balance plans followed closely by TexasOhio, and FloridaGeorgia is a regional powerhouse with close to 29% year-over-year growth in new plans.
  • IRS regulations allowing broader Cash Balance investment options have accelerated growth in new plans: The “Actual Rate of Return” option and other new investment choices approved in the 2010 and 2014 Cash Balance regulations made these plans more flexible for employers and removed certain funding issues. The number of large plans using Actual Rate of Return is now 39%, up from just 10% five years ago.

These and other highlights for the 10th annual National Cash Balance Research Report will be discussed during the Cash Balance Outlook 2018 webcast led by Dan Kravitz on Tuesday, September 18 at 11 a.m. Pacific/2 p.m. Eastern. Registration is free and open to anyone interested in learning more about Cash Balance plans.

Download the 2018 National Cash Balance Research Report here.

Register for the Cash Balance Outlook 2018 webinar here.

For more information, call Dan Kravitz at 818-379-6162 and visit CashBalanceDesign.com.

 

About Kravitz

Since 1977, Kravitz, an Ascensus company, has delivered the latest in design, administration, and management of corporate retirement plans. The company designed its first Cash Balance plan in 1989. Today Kravitz, Inc. administers over 1,400 plans, including more than 950 Cash Balance plans, helping over 160,000 people retire successfully. Headquartered in Los Angeles, the company has offices in New YorkChicago and Atlanta, with satellite offices in 11 other states. Kravitz was acquired by Ascensus, Inc. in 2017. Visit CashBalanceDesign.com.

 

About Ascensus

Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most—retirement, education, and healthcare. For more information about Ascensus, visit ascensus.com. View career opportunities at careers.ascensus.com.

 

SOURCE Kravitz, Inc., an Ascensus company

Related Links

https://www.cashbalancedesign.com


Ascensus Enters into Agreement to Acquire PenSys

Addition of Highly Respected TPA Increases Firm’s Scale and California Presence

Dresher, PA—Ascensus—whose technology and expertise helps millions of people save for retirement, education, and healthcare—has entered into an agreement to acquire PenSys. The third-party administration (TPA) firm will immediately become part of Ascensus’ TPA Solutions division.

Based in Roseville, California, PenSys is a nationally recognized TPA that specializes in the design, implementation, and administration of defined contribution, defined benefit, and cash balance retirement plans. The firm, which also offers 3(16) fiduciary services, has established a strong reputation for providing creative plan design and high quality service.

“PenSys is one of the most highly respected TPAs in the country due to their focus on designing plans to meet clients’ unique needs and their use of technology to enhance personal service,” says Jerry Bramlett, head of TPA Solutions. “Their addition to Ascensus TPA Solutions goes a long way toward helping us build a national TPA that offers a broad set of services and resources to financial professionals, employers, and employees.”

“Since 1995, we’ve worked hard to make PenSys a partner who understands what service really means to financial professionals, CPAs, and their current and prospective clients,” states Bryan Jacobson, PenSys’ chief executive officer. “We’ll continue to offer the best possible solutions for establishing and maintaining their retirement plans as part of Ascensus.”

“PenSys is a high integrity business with excellence in plan design, actuarial consulting, and 3(16) services complemented by their open-architecture business model,” says Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “This acquisition not only expands our California footprint significantly, but also adds to our capabilities to service clients nationally. We are delighted to welcome their clients and associates to the Ascensus family.”

About Ascensus

Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most—retirement, education, and healthcare. For more information about Ascensus, visit ascensus.com. View career opportunities at careers.ascensus.com.


CalSavers Board Selects Ascensus to Administer New Retirement Program

New program to serve 7.5 million California employees who lack a workplace retirement plan

Dresher, PA—Ascensus—whose expertise and technology helps more than eight million people save for retirement, education, and healthcare—has been selected by the California Secure Choice Retirement Savings Investment Board to administer the CalSavers Retirement Savings Program. In a competitive bidding process that included several leading financial services firms, Ascensus was identified as the strongest program administrator.

Ascensus was selected for its unparalleled knowledge of retirement plan administration, deep experience in plan design for other state-run investment programs, state-of-the-art technology, IRA and compliance expertise, and successful administration of the first two state-sponsored retirement programs, OregonSaves and Illinois Secure Choice.

“We’re honored to partner with California on this program in support of the retirement goals and dreams of its residents,” said Kevin Cox, head of government savings at Ascensus. “Our society is facing a savings dilemma that is leaving millions of Americans unprepared for some of life’s biggest milestones, especially retirement. We share in California’s mission to close this savings gap, and CalSavers constitutes a major step on that journey.”

Roughly 57 percent of private-sector employees in California do not have access to an employer-sponsored retirement plan—yet people are 15 times more likely to save if they have the tools to do so through their employer. By providing a low-cost, automatic savings vehicle to employers, CalSavers will help expand plan access to more than 7.5 million Californians, helping to rectify this disparity.

Set to launch statewide in 2019, CalSavers will be run by a board of directors chaired by California State Treasurer John Chiang. For more information about CalSavers, visit: https://www.treasurer.ca.gov/scib/.

About Ascensus

Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most—retirement, education, and healthcare. For more information about Ascensus, visit ascensus.com. View career opportunities at careers.ascensus.com.