Acquisition news

Ascensus Acquires Health & Welfare Form 5500 Preparation and Plan Document Services Business from ABV Advisors

Book-of-Business Transaction Boosts Ascensus’ Compliance Expertise While Increasing Client Base for Health & Welfare Form 5500 Solutions

Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—is pleased to announce that it has acquired the book of business of ABV Advisors, a health & welfare Form 5500 preparation and plan document services business. Financial terms of the deal were not disclosed.

Based in Carmel, Indiana, ABV Advisors is a benefit compliance advisory firm that serves brokers of employee benefit plans, financial advisors, professional employer organizations, and affinity associations throughout the U.S. Its primary specialty is ERISA-related compliance for employee benefit plans, including wrap plan documents, preparation of DOL Form 5500, and Affordable Care Act required Forms 1094-C & 1095-C.

ABV Advisors’ business will further expand the ERISA compliance, plan documentation, filing, and related services that have been among Ascensus’ core offerings for many years across its Retirement, FuturePlan by Ascensus, and Health & Benefits lines of business. In 2019, Ascensus acquired Wrangle, the country’s market leader in providing health & welfare Form 5500 preparation and related ERISA compliance services. Prior to that, Ascensus significantly expanded its health benefit administration offerings, providing consumer-directed healthcare and benefit continuation services via the acquisitions of Chard Snyder, Benefit Planning Consultants, Inc., and HR Simplified.

“The team at ABV Advisors truly understands the importance of an employee benefit plan to a company and its employees, as well as the complexities of maintaining that plan,” says Kevin Cox, president of Ascensus’ Retirement line of business. “Ascensus looks forward to being a trusted partner and resource for ABV Advisors’ brokers, advisors, and plan sponsors via our deep industry expertise, outstanding client service, and proven technology platform.”

“At ABV Advisors, our highly consultative, client-centric approach has allowed us to build trusting, long-lasting relationships with our clients, including large, nationally recognized employee benefits consulting, insurance brokerage, and accounting firms,” notes Anne Vandeveer, ABV Advisors’ president. “We know these clients will receive the same high-touch interactions from Ascensus and look forward to sharing our decades of knowledge and experience in continuing to service these clients.”

“ABV Advisors has worked diligently over the years to cultivate an extremely loyal client base as well as a strong reputation for excellence,” says Raghav Nandagopal, Ascensus’ chief corporate development officer. “Adding their business allows us to continue to build upon that reputation under the Ascensus brand while expanding our health & welfare Form 5500 and ERISA-related compliance capabilities.”

“We’re excited to integrate ABV Advisors’ compliance expertise and build solid, long-term relationships with their network of employee benefit brokers, advisors, and plan sponsors,” Nandagopal adds.


Ascensus Announces Completion of Truist Retirement Recordkeeping Acquisition

All Heritage BB&T Plans Successfully Transitioned to Ascensus Platform

Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—has completed the acquisition of the heritage BB&T bundled retirement recordkeeping business from Truist Bank that was announced on January 6, 2021. Financial terms of the deal, which closed on March 3, were not disclosed.

In total, this transaction covers more than 1,200 plans with approximately 140,000 participants and more than $6 billion in assets—all of which have been successfully transitioned to Ascensus’ platform. With this addition, Ascensus currently serves approximately 115,000 retirement plans with 3.3 million participants and assets under administration of approximately $209 billion.

“Thanks to the Truist and Ascensus teams’ highly collaborative efforts, we were able to successfully migrate all of the heritage BB&T plans to Ascensus over the course of this past weekend,” said Kevin Cox, president of Ascensus’ Retirement line of business. “I’d like to express my gratitude to Truist for their partnership in supporting the transition of their clients and plans to our platform.”

“We’re pleased to welcome heritage BB&T clients to Ascensus and offer them access to our robust resources, including financial wellness programs, managed account services, and award-winning support,” continued Cox.

“With the ongoing consolidation in the retirement industry, Ascensus plans to pursue similar opportunities to work with organizations to provide an attractive home for their non-core retirement servicing businesses and clients,” stated Raghav Nandagopal, Ascensus’ chief corporate development officer.

 

About Ascensus
Ascensus helps millions of people save for what matters—retirement, education, and healthcare. Through co-branded, private-labeled, and other governmental partnerships, our technology, market insights, and business knowledge enhance the growth and success of our partners, their clients, and savers. Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. For more information, visit ascensus.com.


Ascensus Adds Healthcare Actuarial Services, Expands Retirement and Consumer-Directed Healthcare Administration Capabilities with Agreement to Acquire Nyhart

Nationally Renowned Employee Benefits Consulting Firm to Become Part of FuturePlan by Ascensus

Dresher, PA—Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—has entered into an agreement to acquire Nyhart, an employee benefits consulting firm that provides retirement (defined contribution, defined benefit, and actuarial) and healthcare actuarial services along with consumer-directed health and benefit continuation administration. Nyhart will immediately become part of the FuturePlan by Ascensus line of business.

Headquartered in Indianapolis, Indiana, Nyhart serves more than 2,400 clients in all 50 states from 9 strategically placed locations. With client assets that exceed $20 billion, the firm specializes in bringing a consultative approach to large, complex plans and is home to a talented employee population that features nearly 100 actuaries, employee benefit consultants, and administrators. Nyhart works with a diverse client base that includes states, cities, and municipalities; professional services firms; public sector entities; healthcare systems; religious organizations; and higher education institutions. Along with its retirement and healthcare solutions, the firm also offers Votaire, a proprietary health and financial wellness platform that allows employers to provide employees with the tools to help them develop a plan for reaching their financial goals.

“Nyhart’s unique strengths complement our already broad service offerings at FuturePlan and immediately increase our capacity to serve larger, more complex plans,” states Jerry Bramlett, head of FuturePlan. “We’re pleased to welcome Lisa Hague and her management team along with Nyhart’s exceptional group of associates—their skills and expertise will further strengthen our competitive edge in the retirement and benefits industry.”

“At Nyhart, we consistently look to hire and invest in high-quality people in order to provide the best possible service throughout our lines of business,” says Lisa Hague, Nyhart’s chief executive officer. “As part of FuturePlan, we can access the resources of a larger organization to the benefit of our clients while still providing them with the personalized experience and creative solutions that they’ve come to expect from us.”

“Nyhart has an outstanding track record of success, client focus, and service quality over multiple decades,” notes Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “It is a highly reputable and well-run company positioned for growth through the cultivation of strong industry relationships and the delivery of differentiated solutions to a diverse client base.”

“With this acquisition, we significantly expand our retirement and healthcare offerings on a national level while leveraging Nyhart’s healthcare actuarial solutions as a new service to our distribution partners and current and prospective clients,” concludes Nandagopal.

 

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.

 

About FuturePlan by Ascensus
FuturePlan by Ascensus is the nation’s largest retirement third-party administrator, combining high-touch local service with the strength and security of an industry leader. A line of business within Ascensus, FuturePlan’s dedicated team serves more than 46,000 retirement plan sponsors in more than 40 locations across the country as of September 30, 2019. For more information, visit futureplan.com.


Ascensus Enhances Retirement and Employee Benefits Administration Capabilities with Agreement to Acquire Goldleaf Partners

Multi-Faceted TPA Adds to FuturePlan by Ascensus’ Geographic Footprint and Product Offerings

Dresher, PA—Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—has entered into an agreement to acquire Goldleaf Partners, a third-party administrator (TPA) that provides retirement administration and fiduciary, employee benefits, payroll integration, consumer-directed health, and COBRA services to a diverse set of clients across the country. The firm will immediately become part of the FuturePlan by Ascensus line of business.

Headquartered in Bloomington, Minnesota, Goldleaf Partners’ business and services model helps clients concentrate on their core business by reducing their administrative task load. It delivers superior service by developing client-centric relationships, exceeding expectations, and deploying innovative solutions. Goldleaf Partners services clients nationwide and is committed to providing dedicated support that addresses each client’s unique needs.

“Goldleaf Partners is well-known for excellence and expertise in employer services,” states Jerry Bramlett, head of FuturePlan. “Their 100+ highly skilled professionals—along with their reputation for innovation and unparalleled service—will be welcome additions to FuturePlan.”

“We strive to be our clients’ most engaged and responsive partner so that they can focus on managing and growing their businesses,” says Michael King, Goldleaf Partners’ founder and chief executive officer. “New and existing clients of Goldleaf Partners can rest assured in the knowledge that, as part of FuturePlan, we’ll put them and their objectives first so that we can continue to deliver the best service experience possible.”

“In Goldleaf Partners, Ascensus is acquiring a well-respected and dynamic TPA that provides a highly desirable combination of services,” says Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “The firm embodies the qualities we look for as we continue to execute on our growth strategy: a market-leading reputation, favorable geographic footprint, and solid leadership team combined with a strong company culture and an unrelenting dedication to servicing its clients.”

 

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 Expansion in Benefits Administration Space with Agreement to Acquire HR Simplified

Firm’s Burgeoning Health and Benefits Line of Business Extends Geographic Footprint and Builds Upon Expertise in Consumer-Directed Health and Benefit Continuation Services

Dresher, PA — Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—has entered into an agreement to acquire HR Simplified, a third-party administration (TPA) firm that services consumer-directed health (CDH) plans and provides COBRA administration. HR Simplified’s offerings include health savings accounts, flexible spending accounts, health reimbursement arrangements, pre-tax commuter benefit programs, along with other benefit continuation services. It will immediately become part of Ascensus’ Health and Benefits line of business.

HR Simplified, which is based in Minneapolis, MN, has been providing national employee benefit administrative solutions since 1997. The firm offers a full suite of pre-tax spending account administration options, COBRA & retiree billing solutions, and employee benefit compliance services, providing clients with access to exceptional service, technology, and educational materials at both the employer and participant levels.

“HR Simplified is a well-regarded firm that is renowned for offering a ‘no noise’ approach to benefits administration and serving their clients with passion, enthusiasm, and integrity,” states David Musto, president of Ascensus. “When combined with the fact that they’ve developed and cultivated a solid reputation for reliability and dependability, it’s easy to understand why we believe that they’ll play an important role in the growth of Ascensus’ Health and Benefits line of business.”

“I’ve always stated that the foundation of HR Simplified’s success is the human touch,” says Mike Melnychuk, HR Simplified’s president. “In Ascensus, we’ve found an organization that will allow us to continue to offer the very best in benefits administration; they share our dedication to providing excellent service and finding solutions that best fit clients’ needs.”

“We’re delighted to welcome HR Simplified to Ascensus not only because of their great associates and their strong knowledge base, but also because the firm is a strong cultural fit,” says Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “In addition to the recent acquisitions of Chard Snyder, BPC, and Wrangle, HR Simplified is another example of our ongoing commitment to building a national CDH and benefits administration business.”

 

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.


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.


Ascensus Announces Agreement to Acquire 401k Plus

Firm’s TPA Solutions Division Expands Physical Presence in Texas Along with Defined Benefit and Defined Contribution Expertise

Dresher, PA—Ascensus, a technology-enabled solutions provider that helps more than 8 million Americans save for the future, has entered into an agreement to acquire 401k Plus. The third-party administration (TPA) firm will immediately become part of Ascensus’ TPA Solutions division. Retirement Asset Advisory, Inc., a registered investment advisor co-owned by 401k Plus’ owners, is not a part of the transaction and will continue to be managed separately.

Based in Arlington, Texas401k Plus provides employers with comprehensive benefit and benefit plan administrative and consulting services. The firm specializes in developing and administering participant-directed 401(k) plans, but also offers cash balance plans, traditional defined benefit plans, profit sharing plans, and money purchase pension plans.

“As an organization, 401k Plus does a phenomenal job of getting to know their clients so that they can understand their businesses and employees,” says Jerry Bramlett, head of TPA Solutions. “This high-touch approach to service aligns nicely with the way that TPA Solutions engages with clients—we’re looking forward to strengthening our team through the addition of 401k Plus’ associates.”

“At 401k Plus, we’re proud of our reputation for providing efficient, accurate, and affordable services to our clients,” states John Cole401k Plus’s owner and vice president. “We’ll continue to build on this reputation as part of Ascensus as we work to develop retirement plan solutions that are tailored to the needs of companies and their employees.”

401k Plus is a highly respected qualified plan administrator in Texas,” says Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “In addition to establishing our TPA Solutions market presence in this important geographic region and continuing to expand our national footprint, this acquisition supports our growth strategy by increasing our defined contribution and defined benefit expertise to support current and prospective client needs.”

About Ascensus

Ascensus helps more than 8 million Americans save for the future—retirement, education, and healthcare—through technology-enabled solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals. Ascensus supports over 60,000 retirement plans, more than 4 million 529 education savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.6 million IRAs and health savings accounts. As of March 31, 2018, Ascensus had over $187 billion in total assets under administration. For more information about Ascensus, visit ascensus.com.

View career opportunities at careers.ascensus.com/page/show/tpa and careers.ascensus.com or on LinkedIn at linkedin.com/company/ascensus. For the latest company news, follow @AscensusInc on Twitter.


Ascensus Adds to Retirement Expertise with Agreement to Acquire Continental Benefits Group, Inc.

TPA Solutions’ Client Base to Benefit from Influx of Experience

Dresher, PA—Ascensus, a technology-enabled solutions provider that helps more than 8 million Americans save for the future, has entered into an agreement to acquire Continental Benefits Group, Inc. (Continental Benefits). The third-party administration (TPA) firm will immediately become part of Ascensus’ TPA Solutions division.

Based in Burlington, New Jersey, Continental Benefits specializes in tax-qualified retirement plans—like 401(k), profit sharing, cash balance, and pension plans—along with non-qualified deferred compensation plans. The firm’s plan administrators are experienced in tackling the day-to-day complexities of retirement plans from compliance testing to distribution processing, while its consultants possess intricate knowledge about sophisticated plan designs than can help employers maximize plan benefits.

“TPA Solutions is looking forward to welcoming Continental Benefits’ associates and incorporating their skill sets into our business,” says Jerry Bramlett, head of TPA Solutions. “Members of Continental Benefits’ actuarial & plan consulting and administration teams average nearly 20 years of experience; we’ll put the expertise they’ve acquired over that time to good use in helping individuals prepare for retirement.”

“At Continental Benefits, we understand the challenges that business owners face, including rising taxes and business expenses, retaining talented employees, and others,” states David Hanisco, Continental Benefits’ vice president. “Joining Ascensus will make us even better equipped to design retirement programs that meet plan participants’ needs while helping employers work toward accomplishing their own retirement goals.”

“Continental Benefits is an ideal addition to our company from business, geographic, and cultural standpoints,” says Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “We are delighted to welcome their clients and associates to Ascensus.”

About Ascensus

Ascensus helps more than 8 million Americans save for the future—retirement, education, and healthcare—through technology-enabled solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals. Ascensus supports over 60,000 retirement plans, more than 4 million 529 education savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.6 million IRAs and health savings accounts. As of March 31, 2018, Ascensus had over $187 billion in total assets under administration. For more information about Ascensus, visit ascensus.com.

View career opportunities at careers.ascensus.com/page/show/tpa and careers.ascensus.com or on LinkedIn at linkedin.com/company/ascensus. For the latest company news, follow @AscensusInc on Twitter.