TIAA recently announced its selection of Ascensus as recordkeeper of choice for its $28 billion 529 education savings accounts business. TIAA’s 529 assets will be converted from the previous recordkeeper, DST. TIAA is currently the third-largest 529 program manager in the country, with plans in seven states, representing about 1.3 million accounts. This represents an exciting milestone for Ascensus’ Government Savings business line, as we continue to build our reputation as the 529 market leader and #1 529 program manager for assets under management.
“After a careful review of several providers based on broad criteria, the highest scoring bidder across all criteria was Ascensus,” TIAA-Cref Tuition Financing president Christopher Lynch said in a statement. “Ascensus demonstrated that they can deliver a superior customer experience now and have the ability to maintain that superior customer experience going forward.”