Ascensus is looking to solidify its market-leading status in the retirement savings sector through an agreement with Mutual of Omaha. The companies announced Thursday that Ascensus, one of the top third-party administrators and group retirement savings program providers, is acquiring the insurer's 401(k) record-keeping business.
This move comes after more than two decades of partnership between the two entities, with Ascensus already providing extensive support services for the business it’s snapping up.
According to an analysis by Capitalize, nearly three-fifths of American workers today – including more than 71.5 million private-sector employees – have access to 401(k) retirement plans, marking a new high for the space.
“We are honored that Mutual of Omaha, a company we have respected throughout our many years of partnership, has entrusted Ascensus with the retirement savings futures of their valued clients and savers,” Ascensus president Nick Good said in a statement.
It’s been almost nine months since Good took over as president in a leadership baton pass announced last July. He currently reports to his predecessor David Musto, Ascensus’ CEO and chair.
Under the terms of the agreement, Ascensus – which already oversees more than 154,000 retirement plans covering almost 5 million workers as of December 31 – will take over the administration of more than 2,300 retirement plans, catering to the needs of 65,000 savers, and managing assets exceeding $3.9 billion.
Details regarding the financial aspects of the deal were not disclosed.
Both companies emphasized that the transition will be seamless for plan sponsors and participants, as they will continue to use the Ascensus portal to access their services.
Following the transaction, the TPA says participants will have complimentary access to Financial Finesse Essentials, its suite of virtual coaching and planning tools, and benefit from its continued investment in technology.
"[W]e determined after a thorough strategic review of our 401(k) business that transitioning it to Ascensus would be in the best interest of our customers and our company,” said Stacy Scholtz, executive vice president at Mutual of Omaha.
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
