Cash Balance plan

Ascensus Announces Completion of Kravitz, Inc. Acquisition

Firm Advances Growth Strategy While Enhancing Cash Balance Capabilities

 

Dresher, PA—Ascensus, a technology and service provider that helps more than 7 million Americans save for the future, announced that it has completed the acquisition of Kravitz, Inc. that was previously announced on June 6, 2017. As a result of the acquisition, Ascensus will serve approximately 50,000 retirement plans.

Kravitz, Inc. is a retirement administration firm and Cash Balance specialist focused on bringing its clients the latest in the design, administration, and management of corporate retirement plans. As part of the deal, Ascensus also acquired Kravitz Back Office Solutions, which delivers private-label actuarial services to third-party administrators across the country to help them grow and succeed with Cash Balance plans. Not included in the deal were Kravitz Investment Services, Inc., a registered investment advisor that supports Cash Balance investments, and the Payden/Kravitz Cash Balance Plan Fund, a mutual fund designed exclusively for Cash Balance retirement plans.

“The addition of Kravitz to the Ascensus family of companies represents a significant step for our growth strategy,” says Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “We are aggressively pursuing acquisition opportunities not only in our core markets of retirement and college savings solutions, but also within natural adjacencies like health solutions, benefits administration, and other areas. This will help us to meet our goal of closing at least 8 to 10 new acquisitions per year for the foreseeable future.”

“Over the years, Kravitz has worked hard to build a reputation that has made their name synonymous with Cash Balance expertise,” states Shannon Kelly, Ascensus’ president of retirement. “Bringing this expertise into the fold—along with Kravitz’s dedicated team of associates—allows Ascensus to broaden our retirement offerings so that we can help even more Americans save for the future.”

 

About Ascensus

Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare—through technology and service solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of banks, credit unions, states, governments, financial professionals, employers, and individuals. Ascensus supports over 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. For more information about Ascensus, visit www.ascensus.com.

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


Ascensus Announces Acquisition of Kravitz, Inc.

Addition of Cash Balance Market Leader Fuels Continued Company Growth

Dresher, PA — Ascensus, a service and technology provider that helps more than 7 million Americans save for the future, has announced the acquisition of independently owned Kravitz, Inc., a retirement administration firm and Cash Balance specialist focused on bringing its clients the latest in the design, administration, and management of corporate retirement plans. As part of the deal, Ascensus also acquired Kravitz Back Office Solutions, which delivers private-label actuarial services to third-party administrators across the country to help them grow and succeed with cash balance plans. Kravitz Investment Services, Inc., a registered investment advisor that supports cash balance investments, was not included in the deal.

Kravitz, founded in 1977, designed its first Cash Balance plan in 1989 and has since grown into the nation’s Cash Balance leader, helping more than 125,000 Americans retire with innovative, tax-efficient retirement plans. The firm offers extensive training, education, and support on Cash Balance plans to its clients and an extensive network of financial advisors and third-party administrator partners. It employs more than 85 individuals and services more than 1,400 clients with retirement plans. As a result of the acquisition, Ascensus will serve approximately 50,000 retirement plans. Kravitz will maintain its focus on Cash Balance plans, with Dan Kravitz continuing in a senior leadership role.

“Kravitz is renowned for its Cash Balance plan expertise, market leadership, and client focus—we’re excited for its team of actuaries and retirement plan professionals to join the Ascensus family,” states Shannon Kelly, Ascensus’ president of retirement. “Cash Balance plans are sophisticated and complex retirement plans that require a superior level of actuarial acumen; under Dan’s ongoing leadership, we anticipate extending our company’s growth into the mid-market segment.”

“The Kravitz team is looking forward to becoming part of Ascensus and continuing to help our clients save for a more secure retirement,” said Kravitz. “Our clients, employees, and industry partners can expect us to keep providing state-of-the-art plan design and expert administration while remaining dedicated to our values of innovation, accountability, and integrity.”

 

About Ascensus
Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare—through service and technology solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of banks, credit unions, states, governments, financial professionals, employers, and individuals. Ascensus supports over 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. For more information about Ascensus, visit www.ascensus.com.

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