Ascensus Announces Agreement to Acquire Recordkeeping Retirement Business from Truist

DRESHER, Pa., Jan. 6, 2021 /PRNewswire/ — Ascensus—whose technological innovation and expertise enable hundreds of thousands of individuals save for retirement, instruction, and healthcare—is happy to announce that it has entered into a definitive arrangement to purchase the heritage BB&T bundled recordkeeping retirement business from Truist Lender. Ascensus will now provide as the recordkeeper for the heritage BB&T options as effectively as the ideas for which it at the moment serves as outsourced recordkeeper. Fiscal terms of the offer ended up not disclosed.

In total, the Truist business enterprise obtained by Ascensus covers additional than 1,200 strategies with around 125,000 members and $5 billion in property. The transaction, which is predicted to near in the initial quarter of 2021, will maximize Ascensus’ retirement prepare rely to much more than 115,000, its participant foundation to much more than 3.4 million, and its retirement system belongings beneath administration to extra than $192 billion.

Truist has partnered with Ascensus for the past 12 a long time as the outsourced administrator for a phase of its retirement business. The lengthy-standing romance created by the two providers in excess of time led Truist to choose Ascensus to support both the existing Ascensus-administered programs as very well as the legacy options that have been earlier administered in-residence. Ascensus’ sturdy keep track of report as a husband or wife ongoing dedication to client concentrate, provider good quality, and know-how remedies and field-leading compliance and regulatory capabilities contributed to its selection.

“We are very honored that Truist selected Ascensus to provide its heritage BB&T and Ascensus-administered retirement plans likely ahead,” stated Kevin Cox, president of Ascensus’ Retirement line of enterprise. “We have savored a wonderful degree of achievement in partnership with Truist and look ahead to continuing our custom of service excellence in helping members conserve for retirement.”

“This transaction provides a substantial team of clients to the Ascensus platform, and we are delighted to arrive at this arrangement with Truist,” notes Raghav Nandagopal, Ascensus’ main corporate progress officer. “Our commitment to serving to savers in The us prepare for retirement is potent, as is our promise to give differentiated solutions in recordkeeping, money wellness, managed accounts, and analytics abilities that enable our clientele greater handle their retirement packages.”

About Ascensus
Ascensus will help millions of folks preserve for what matters—retirement, training, and health care. Via co-branded, personal-labeled, and other governmental partnerships, our technological innovation, market insights, and business know-how boost the advancement and results of our companions, their customers, and savers. Ascensus is the biggest impartial recordkeeping solutions service provider, 3rd-get together administrator, and government price savings facilitator in the United States. For extra info, visit ascensus.com.

Get the most recent tendencies and insights centered on our proprietary knowledge from more than 114,400 retirement plans, 6.2 million 529 accounts, 417,000 wellbeing savings accounts, and 23 Capable strategies.* Within America’s Cost savings Options highlights common personal savings levels across these tax-advantaged accounts and showcases prepare features that push participation and progress. The Condition of Financial savings report outlines how strategy contribution and withdrawal behaviors have shifted above the system of 2020 and given that the passage of the CARES Act.

*As of September 30, 2020.

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