Ascensus Announces Arrangement to Get Recordkeeping Retirement Business from Truist
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DRESHER, Pa., Jan. 6, 2021 /PRNewswire/ — Ascensus—whose technologies and knowledge assist hundreds of thousands of individuals help save for retirement, education, and healthcare—is happy to announce that it has entered into a definitive arrangement to receive the heritage BB&T bundled recordkeeping retirement small business from Truist Lender. Ascensus will now serve as the recordkeeper for the heritage BB&T programs as properly as the designs for which it presently serves as outsourced recordkeeper. Financial terms of the deal had been not disclosed.
In total, the Truist business acquired by Ascensus addresses extra than 1,200 plans with roughly 125,000 participants and $5 billion in assets. The transaction, which is anticipated to shut in the initially quarter of 2021, will raise Ascensus’ retirement program rely to additional than 115,000, its participant foundation to additional than 3.4 million, and its retirement system belongings below administration to much more than $192 billion.
Truist has partnered with Ascensus for the earlier 12 years as the outsourced administrator for a segment of its retirement small business. The extended-standing partnership designed by the two organizations over time led Truist to pick Ascensus to assistance both the recent Ascensus-administered plans as nicely as the legacy plans that had been previously administered in-residence. Ascensus’ solid observe document as a partner ongoing determination to customer focus, service good quality, and technological know-how options and industry-main compliance and regulatory abilities contributed to its selection.
“We’re exceptionally honored that Truist selected Ascensus to provide its heritage BB&T and Ascensus-administered retirement plans heading ahead,” claimed Kevin Cox, president of Ascensus’ Retirement line of enterprise. “We’ve savored a good diploma of accomplishment in partnership with Truist and appear ahead to continuing our tradition of support excellence in supporting participants preserve for retirement.”
“This transaction brings a large group of shoppers to the Ascensus system, and we’re delighted to access this agreement with Truist,” notes Raghav Nandagopal, Ascensus’ chief company advancement officer. “Our determination to serving to savers in The us put together for retirement is strong, as is our assure to give differentiated remedies in recordkeeping, economic wellness, managed accounts, and analytics abilities that enable our shoppers improved manage their retirement packages.”
About Ascensus
Ascensus helps millions of individuals preserve for what matters—retirement, instruction, and healthcare. Through co-branded, personal-labeled, and other governmental partnerships, our technological innovation, industry insights, and enterprise understanding greatly enhance the progress and accomplishment of our associates, their purchasers, and savers. Ascensus is the biggest impartial recordkeeping expert services company, third-party administrator, and federal government price savings facilitator in the United States. For a lot more data, visit ascensus.com.
Get the newest traits and insights based on our proprietary data from extra than 114,400 retirement plans, 6.2 million 529 accounts, 417,000 wellbeing cost savings accounts, and 23 Capable options.* Inside of America’s Price savings Designs highlights typical personal savings concentrations across these tax-advantaged accounts and showcases strategy capabilities that travel participation and development. The Condition of Price savings report outlines how strategy contribution and withdrawal behaviors have shifted above the course of 2020 and given that the passage of the CARES Act.
*As of September 30, 2020.
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