Dresher, Pennsylvania – July 1, 2009 – Ascensus; the nation’s largest independent recordkeeper and administrator for retirement plans in the micro to large market segments and a leading provider of regulatory expertise, plan document services and participant enrollment support; announced today that it has signed an agreement to acquire CUNA Mutual Group’s IRA Services division. Based in Madison, Wisconsin, IRA Services provides IRA and health savings account education, and compliance products and services to the credit union marketplace. IRA Services serves over 4,000 credit unions nationwide. The transaction is expected to close on or about July 31, 2009, and is subject to customary closing conditions.
“IRA Services strengthens and complements many of the products and services Ascensus offers today,” commented Steve Christenson, Senior Vice President, Ascensus. “It has a number of products that suit our overall client base, even outside of the credit union market.”
“This investment demonstrates our view that there are strong growth opportunities in the retirement market and especially in the IRA space,” explained Bob Guillocheau, President, Ascensus. “The IRA Services team has provided exceptional service and we are pleased to have them join Ascensus.”
“This action reinforces our efforts to refocus our company on those products that are core to our customers and to CUNA Mutual’s future success,” said Jeff Post, President and CEO of CUNA Mutual. “In addition, this sale further ensures our continued financial strength. Ascensus is a strong company, a good business partner and a quality employer. Ultimately, our product and our staff benefit from this transaction.”
The existing employees of CUNA Mutual Group’s IRA Services division along with the current management structure will remain with the business and operate as a part of the Retirement Products & Solutions Group within Ascensus.
About Ascensus
With over 30 years of industry experience, Ascensus provides high-quality solutions for every segment of the retirement marketplace. Ascensus is a division of Crump Group, Inc., the largest and most diversified wholesale insurance distributor in the United States. As the nation’s largest independent recordkeeper and administrator for retirement plans in the micro to large market segments and a leading provider of regulatory expertise, plan document services and participant enrollment support, Ascensus services over 27,000 defined contribution plans. The company’s core capabilities encompass every component of a sophisticated retirement infrastructure, including administration, recordkeeping, ERISA consulting, compliance and sales support, trust and custody services, multilingual participant education programs, training and documentation. These solutions are offered with the open architecture investment capabilities that can be tailored to support the needs of institutional retirement plan providers, third party administrators, financial advisors and their clients. For more information, visit www.ascensus.com.
About CUNA Mutual Group
CUNA Mutual Group is a leading provider of financial services to credit unions, their members and valued customers worldwide. With more than 70 years of market commitment, CUNA Mutual’s vision is unwavering: to be a trusted business partner who delivers service excellence and customer-focused, best-in-class products and market-driven innovation. More information on the company is available on the company’s Web site at www.cunamutual.com.
CONTACT:
Steve Christenson
Senior Vice President – Retirement Products & Solutions
Ascensus
Tel: 218-825-5292