Significant Growth Drives Creation of Four Business Segments
DRESHER, Pa., Feb. 5, 2024 /PRNewswire/ — Ascensus—whose technology and expertise help millions save for a better future—announced its Retirement line of business will now comprise four business segments, each focused on the specific needs and goals of its partners, clients, and advisors.
Ascensus has nearly doubled the number of partners, plans, and savers it serves in recent years. Partnering with more than 154,000 retirement plans across the industry, Ascensus ranks first in the number of plans under its administration.
The four business segments and the leaders named below will report to Ascensus President Nick Good, effective immediately:
Core Retirement represents the company’s Ascensus-branded defined contribution segment and will be led by Jason Crane, who also will continue to lead distribution for all of Retirement.
Partner Solutions serves Ascensus’ extensive private-label partnerships with an array of leading financial institutions and will be led by Jay Candelmo.
Small Business encompasses the company’s CoPilot, Individual(K), SEP, and SIMPLE plans products and solutions; a search for a leader for this segment is underway.
Retirement Products & Solutions provides tailored solutions to banks, credit unions, and other entities and will continue to be led by Steve Christenson.
“Creating defined segments allows us to tailor our business even more effectively to the specific needs of those we serve, and enhances our ability to deliver that much more to them,” said Good. “It also strengthens our dedicated focus on our valued partners—and recognizes the almost doubling of our depth and breadth in retirement over the last several years.”
Good added, “Jason, Jay, and Steve are talented and proven leaders with strong partner relationships and deep industry experience. I have every confidence in their abilities and commitment to success, and look forward to welcoming a new leader for our Small Business segment to join them in the very near future.”
Crane has led distribution for the Retirement line of business since he joined Ascensus in 2018. Candelmo most recently was head of Relationship Management for Retirement and joined the company in 2017. Christenson has served as head of Retirement Products & Solutions since 2000 and will soon mark 27 years of service with Ascensus.
In addition to its industry leadership scale in retirement, Ascensus also leads the 529 education savings and state-facilitated retirement plan (SFRP) marketplace, with 43 state 529 plans and 75% of SFRP assets under administration. Ascensus also is a premier provider in the Nonqualified Retirement plan segment and FuturePlan by Ascensus is the nation’s largest independent retirement third-party administrator.
About Ascensus
Ascensus is a market-leading enabler of tax-advantaged savings—providing technology, services, and expertise that help millions of 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 nonqualified retirement plan solutions, third-party retirement plan administration, 529 education and ABLE savings program 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 $723 billion in assets under administration and employs more than 5,400 associates as of September 30, 2023.
For more information, visit ascensus.com and newportgroup.com.
SOURCE Ascensus