Ascensus Expands Presence in Northeast With Acquisition
DRESHER, PA, March 29, 2018 -- Ascensus, a technology-enabled service provider that helps more than 7 million Americans save for the future, has entered into an agreement to acquire ASPERIA Retirement Plan Solutions ("ASPERIA"), formerly Group Health & Benefit Administrators, Inc. (GHBA). The third-party administration (TPA) firm, which designs, administers, and consults on defined contribution and defined benefits plans, will immediately become part of Ascensus' TPA Solutions division.
Based in Worcester, Massachusetts, ASPERIA has established a strong presence in the defined contribution and defined benefit markets. With a core competency in creative plan design, its team of experts has the professional expertise to offer flexible plan designs and services as well as the knowledge to keep retirement programs compliant with changing government regulations.
"ASPERIA's dedication to providing affordable, quality administration tailored to the unique needs of clients and their employees is in line with Ascensus' mission of helping Americans save for retirement, education, and health needs," states David Musto, Ascensus' president. "We welcome their associates and the expertise they bring in terms of defined contribution and defined benefit plans, plan design, and plan document services."
"At ASPERIA, we strive to create successful retirement plan solutions that can maximize tax benefits and minimize administration time," says Brian K. Carroll, ASPERIA's president and chief executive officer. "We look forward to continuing to deliver well-managed, compliant retirement plans as part of the Ascensus family."
"Adding ASPERIA to Ascensus allows us to extend the reach of our TPA Solutions division to the northeastern U.S.," says Raghav Nandagopal, Ascensus' executive vice president of corporate development and M&A. "We were impressed by their strong business model and solid company culture and will look to acquire companies that possess similar traits as we continue to execute our growth plans."
Ascensus helps more than 7 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 54,000 retirement plans, more than 4 million 529 education savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. As of December 31, 2017, Ascensus had over $163 billion in total assets under administration. For more information about Ascensus, visit ascensus.com.
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