DRESHER, Pa., April 4, 2024 /PRNewswire/ — Ascensus announced the company has surpassed $1 billion in state-facilitated retirement program assets under administration on their platform. State-facilitated retirement programs enable small businesses to offer their employees the opportunity to save for retirement on a tax-advantaged basis, and often for the first time.
Ascensus currently serves as program administrator for CalSavers and Illinois Secure Choice—two of the eight state-facilitated auto-IRA retirement programs currently operating. Between the two programs, Ascensus oversees 75% of the accounts and assets under administration across the state retirement industry.1
“While the $1 billion mark is an exciting threshold, what’s even more encouraging is that this represents nearly 650,000 savers—many who are saving for retirement for the first time,” said Peg Creonte, president of Ascensus Government Savings, the line of business that administers state-facilitated retirement programs. “The growth in these programs is a direct result of the hard work, creativity, and collaboration between Ascensus and the Illinois and California teams with whom we partner every day.”
The two programs reached a billion dollars in assets after less than six years of operation, with Illinois Secure Choice launching in 2018 and CalSavers just a year later. Their growth has accelerated in recent years, with combined assets more than doubling since the start of 2023 due to an influx of newly registered employers.
Ascensus is the largest retirement and government savings plan administration firm in the industry, serving more than 154,000 retirement plans, 44 529 education savings plans, and 23 ABLE savings plans. The company also is a leading provider of nonqualified retirement plan solutions, corporate- and bank owned-life insurance, and fiduciary and total rewards services, and overall, serves more than 14 million savers across its lines of business.
1 Georgetown University Center for Retirement Initiatives, State Program Performance Data, as of 12/31/23
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 $760 billion in assets under administration and employs more than 5,400 associates as of December 31, 2023.
For more information, visit ascensus.com and newportgroup.com.
SOURCE Ascensus
