Ascensus Announces Agreement to Acquire 401k Plus
DRESHER, PA, July 31, 2018 -- 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, Texas, 401k Plus provides employers with comprehensive benefit and benefit plan administrative and consulting services. The firm specializes in developing and administering participant-directed 401k 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 Cole, 401k 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."
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.
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