Ascensus Plans to Add Nearly 400 New Associates Through 2022

Image: Ascensus Plans to Add Nearly 400 New Associates Through 2022

Hiring Initiative Supports Recent and Anticipated Growth

Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—expects to add nearly 400 new associates by the end of 2022, adding scale and expertise in support of expanding client, partner, and advisor business.

"The U.S. economy has shown remarkable resilience through the challenges of the past 18 months, and it's clear that both organizations and workers are now finding new opportunities for growth," said David Musto, president and CEO of Ascensus. "Ascensus is generating outstanding sales momentum as a tech-enabled solutions provider, and our wins in the marketplace are creating significantly greater opportunities to recruit and retain the best talent across our businesses."

Musto noted that the company's world-class NPS scores and client satisfaction have helped Ascensus drive strong client retention in a highly competitive market, adding: "We're committed to proactively addressing our workforce needs to position ourselves for even greater client and business success in the years ahead."

Forecasted growth and investments over the next 15 months will add associates in technology, client services, operations, sales, marketing, compliance, and general management across all four of the company's lines of business—Retirement, FuturePlan by Ascensus, Government Savings, and Health & Benefits.

  • In Retirement, hiring plans will create eight new sales territories, expand product and digital capabilities, and strengthen Ascensus' proven outsourcing model by investing in added institutional partner capabilities.
  • Recruiting in FuturePlan, one of the largest independent retirement plan TPAs in the country, includes expansion of plan design and client consulting teams, growing the business line's prevailing wage capabilities (addressing opportunities in the building and construction industries benefiting from federal infrastructure spending), and enhancing support for technology and digital solutions.
  • Government Savings plans to enhance its scope, scale, and service model with new roles in operations—addressing significant growth across Ascensus' industry-leading 529 education and ABLE programs—and expand its employer onboarding and servicing teams to support increasing participation in its state-facilitated retirement program business.
  • Health & Benefits recruiting efforts will focus on helping differentiate Ascensus' product strategy and solutions in the marketplace and drive customer and partner growth. Additional investments will add service and operations roles targeting emerging needs in health savings account, Affordable Care Act, and COBRA plan servicing.

Ascensus recently announced special compensation and benefits enhancements for associates in recognition of the extraordinary results and performance delivered throughout the organization over the past year and a half. Improvements included an immediate salary adjustment of 3% for the majority of associates and a special  profit-sharing contribution to eligible associates' retirement accounts in early 2022.

"Through a very demanding period, our associates have doubled down on their commitment to serving our clients and helping people save for what matters," continued Musto. "We're grateful for their efforts and delighted to reward them for their outstanding achievements—all while supporting them with significant new hiring investments to address today's client needs and future growth."

Since spring 2020, Ascensus has added more than 1.7 million savings participants across its lines of business, launched new mobile apps for retirement and education savers, acquired and onboarded the retirement plan administration and servicing business of one of the nation's largest financial institutions, advanced capabilities in its FuturePlan line of business to deliver scale and expertise nationally, and enhanced service and digital solutions for its Health & Benefits business. Ascensus was recently named a finalist for Retirement Leader of the Year by Fund Intelligence for the third consecutive year—having won the honor in 2019—while Government Savings logged its 21st consecutive quarter of five-star ratings by National Quality Review, recognizing its excellence in customer service performance.

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About Ascensus

Ascensus and its affiliated companies help millions of people save for what matters—retirement, education, and healthcare. Through co-branded, private-labeled, and other governmental partnerships, our technology, market insights, and business knowledge enhance the growth and success of our partners, their clients, and savers. Ascensus is a leading recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. 

On April 8, 2022, Newport merged with Ascensus. Newport is a leading retirement services provider that helps employers—and the advisors who serve them—prepare employees for a more financially secure retirement through non-qualified and qualified retirement plan solutions, corporate- and bank-owned life insurance, and fiduciary and total rewards services. 

The unified company, operating as Ascensus, has more than $745 billion in assets under administration, serves more than 15 million savers across the U.S., and employs more than 5,500 associates. 

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