First Wave of Retirement Plans Transition to Ascensus Platform, Expanded Web Experiences, and Enhanced Efficiency
Initial Plans See Streamlined Plan Administration and New Service Options
Dresher, PA—Ascensus, whose technology and expertise help millions of people save for a better future, has upgraded the first wave of acquired Newport retirement plans to its purpose-built recordkeeping platform and enhanced web experiences.
The initial group of plans made the move in recent weeks and represent the first to receive the benefits of the post-merger unification of Ascensus, Newport, and PAi.
“This first wave reflects our success, working as a unified organization, to define and implement the enhancements, capabilities, and expertise that benefit our clients and savers most,” said David Musto, chair and chief executive officer of Ascensus. “We’ve focused on delivering improvements and new experiences in a simple, seamless, and supportive environment—no matter the plan size or type—and are delighted that the initial group of retirement plans has successfully moved to the Ascensus recordkeeping platform and integrated experience.”
Approximately 1,750 plans representing $9 billion in assets under administration took part in the upgrade, which was accomplished over a single weekend and generated positive client feedback.
"We are thrilled to say the Ascensus migration project has been carried out with great communication and no surprises,” said Don Recker, partner and director of Corporate Retirement Plans for Creative Planning Retirement Services. “The care taken to ensure our clients experienced little-to-no interruption demonstrates the importance Ascensus places on prioritizing the experiences of plan sponsors and their participants.”
The company’s commitment to delivering “best of the best” thinking and innovation from across the unified organization is resulting in a number of new features for the savers, sponsors, and advisors Ascensus serves:
- For savers: Intuitive web experiences informed by research and our analysis of user behaviors deliver greater saver support, encourage healthy savings habits, and help participants make decisions that potentially benefit their long-term savings goals.
- For sponsors: Expanded e-delivery and 360 payroll integration options and capabilities, as well as 3(16) fiduciary administrative services, further ease plan administration for sponsors.
- For financial and retirement advisors: Enhanced practice management support delivers new ideas, tools, and resources to help advisors grow and manage their practice, including a new advisor toolkit.
Ascensus supports a variety of savings strategies providing maximum flexibility, including streamlined and customizable qualified DC plans of every form; non-ERISA 403(b) and non-qualified plans; and cash balance, defined benefit, and ESOP services.
Speaking to that range of product offerings, Musto noted, “Whether we’re serving a small business or large corporation, our tech-enabled approach to innovation and client-centric service model help ensure we deliver smart retirement plan solutions and a customer experience that’s focused on results. Plus, we’re continually evolving—listening to those we serve and solving problems with purpose-built technology and expertise that help our partners and prospects find a solution that works for them.”
Ascensus is a market-leading enabler of tax-advantaged savings—providing technology, services, and expertise that help more than 15 million people save for a better future.
The company is a premier savings program service provider, third-party administrator, and government savings facilitator. Its platforms, industry knowledge, and data-based insights enhance the growth and success of its partners, their clients, and savers through co-branded, private-labeled, and governmental partnerships.
Ascensus offers comprehensive qualified and non-qualified retirement plan solutions, third-party retirement plan administration, 529 education and ABLE savings program administration, health savings administration, corporate- and bank-owned life insurance solutions, and fiduciary and total rewards services.
The company’s brands include Ascensus; Newport, an Ascensus company; and FuturePlan by Ascensus. Ascensus has more than $742 billion in assets under administration and employs more than 5,600 associates as of June 30, 2023.