Ascensus is a leading provider of retirement plan solutions, with a presence in over 50,000 employer-sponsored retirement plans. They offer a range of services to help individuals save for retirement.
Their capabilities include recordkeeping, plan design, and investment management. Ascensus also provides support for plan administrators and participants.
With over 30 years of experience, Ascensus has built a reputation for delivering high-quality services to its clients. Their extensive network of relationships with financial institutions and other partners enables them to offer a broad range of products and services.
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Services and Offerings
Ascensus provides a wide range of services and offerings to help individuals and employers manage their retirement savings. They offer recordkeeping and administration services for various types of retirement plans, including 401(k), 403(b), and IRA plans.
Ascensus also provides fiduciary services, such as 3(16) and 3(38) fiduciary services, as well as ERISA support services. This means they can help ensure that retirement plans are being managed in compliance with relevant laws and regulations.
As of 2024, Ascensus administers over $1 Billion in State-facilitated retirement programs, including the Illinois' Secure Choice program, which is expected to cover 1.2 million workers, and California's CalSavers program, which offers the opportunity to contribute to an IRA for 7 million workers.
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Core Capabilities
Our core capabilities are designed to deliver exceptional results, and here's what you can expect.
We offer comprehensive project management services, which enable us to handle complex tasks and timelines with ease. Our team is equipped to handle projects of all sizes, from small-scale initiatives to large-scale enterprises.
One of our key strengths is our ability to provide expert data analysis and interpretation. This allows us to uncover valuable insights and make informed decisions that drive business growth.
Our team is highly skilled in creating engaging and effective marketing campaigns, which can be tailored to meet the specific needs of your business. We use a data-driven approach to ensure maximum impact and return on investment.
We also offer expert technical support, which provides peace of mind for our clients. Our team is available 24/7 to address any technical issues that may arise.
Our collaborative approach ensures that we work closely with our clients to understand their unique needs and goals. This allows us to deliver personalized solutions that meet their specific requirements.
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We utilize cutting-edge technology and tools to streamline our processes and improve efficiency. This enables us to deliver high-quality results in a timely and cost-effective manner.
Our team is committed to ongoing professional development, which ensures that we stay up-to-date with the latest industry trends and best practices. This enables us to provide expert guidance and support to our clients.
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Retirement Savings
Ascensus provides recordkeeping and administration services for a wide range of retirement plans, including 401(k), 403(b), and IRA plans.
They also offer 3(16) and 3(38) fiduciary services, as well as ERISA support services, to help plan sponsors navigate the complexities of retirement planning.
As of 2024, Ascensus administers over $1 Billion in State-facilitated retirement programs.
Their services are designed to help employers and individuals save for retirement, and they have been chosen to manage several state-run retirement savings programs, including Illinois' Secure Choice and California's CalSavers.
Ascensus has also acquired several retirement plan businesses, including The Vanguard Group Individual 401(k), Multi-SEP, and SIMPLE IRA Plans, and the 401(k) Recordkeeping Business from Mutual of Omaha.
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In 2018 and 2019, Illinois' Secure Choice program was launched in phases, and it is expected to cover 1.2 million workers.
California's CalSavers program began offering 7 million workers the opportunity to contribute to an IRA in July 2019.
Ascensus' customizable retirement digital sales experience is designed to help advisers sell retirement plans to their clients, and it will be rolled out to advisers in the fourth quarter of 2024.
Product and Experience
Ascensus is a leading provider of retirement plan solutions, having helped over 50,000 employers offer 401(k) and other plans to their employees.
Their expertise spans a wide range of retirement plan types, including 401(k), 403(b), and 457 plans, among others.
Ascensus has a robust platform that allows employers to easily manage their plans, including online enrollment, contributions, and investment options.
Their platform also offers tools and resources for employees to make informed decisions about their retirement savings.
Ascensus has a strong commitment to helping employers and employees achieve their retirement goals, with a focus on education and support.
Their team of experts provides guidance and support to help employers set up and manage their plans, ensuring compliance with regulations and maximizing plan effectiveness.
Ascensus has a long history of innovation in the retirement plan industry, having introduced many industry-first solutions and technologies.
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Compare to Competitors
Ascensus has some notable competitors in the retirement plan administration sector. Quintes, for instance, focuses on retirement planning and financial services, offering a range of qualified retirement plans, including 401(k), defined benefit, and 403(b) plans.
Quintes serves businesses that need assistance with retirement plans, offering services such as plan design, implementation, management, and employee education. This is in contrast to ASC Trust, which primarily serves the financial sector with a focus on retirement planning and related services.
ASC Trust was founded in 1990, a full 25 years before Quintes, which was established in 2015. This experience gap could be a significant advantage for ASC Trust in terms of industry knowledge and expertise.
Both Quintes and ASC Trust offer a range of services, including 401(k) administration and individual retirement accounts (IRAs). However, Quintes also offers pooled employer plans, which may be a valuable option for larger businesses.
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Frequently Asked Questions
What is the controversy with Ascensus?
Ascensus LLC is facing antitrust litigation for allegedly pushing out a competitor from the college savings app market through monopolistic practices. The controversy centers around claims of unfair business tactics and market manipulation.
Can I withdraw from my 401k Ascensus?
Yes, you can withdraw from your 401(k) with Ascensus, but be aware that a $75 fee may apply for certain types of distributions. Review our distribution policies to understand your options and associated fees.
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