Ascensus Enters into Agreement to Acquire PenSys
Addition of Highly Respected TPA Increases Firm's Scale and California Presence
Aug 21, 2018, 13:00 ET
DRESHER, Pa., Aug. 21, 2018 /PRNewswire/ -- Ascensus—whose technology and expertise helps millions of people save for retirement, education, and healthcare—has entered into an agreement to acquire PenSys. The third-party administration (TPA) firm will immediately become part of Ascensus' TPA Solutions division.
Based in Roseville, California, PenSys is a nationally recognized TPA that specializes in the design, implementation, and administration of defined contribution, defined benefit, and cash balance retirement plans. The firm, which also offers 3(16) fiduciary services, has established a strong reputation for providing creative plan design and high quality service.
"PenSys is one of the most highly respected TPAs in the country due to their focus on designing plans to meet clients' unique needs and their use of technology to enhance personal service," says Jerry Bramlett, head of TPA Solutions. "Their addition to Ascensus TPA Solutions goes a long way toward helping us build a national TPA that offers a broad set of services and resources to financial professionals, employers, and employees."
"Since 1995, we've worked hard to make PenSys a partner who understands what service really means to financial professionals, CPAs, and their current and prospective clients," states Bryan Jacobson, PenSys' chief executive officer. "We'll continue to offer the best possible solutions for establishing and maintaining their retirement plans as part of Ascensus."
"PenSys is a high integrity business with excellence in plan design, actuarial consulting, and 3(16) services complemented by their open-architecture business model," says Raghav Nandagopal, Ascensus' executive vice president of corporate development and M&A. "This acquisition not only expands our California footprint significantly, but also adds to our capabilities to service clients nationally. We are delighted to welcome their clients and associates to the Ascensus family."
About Ascensus
Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most—retirement, education, and healthcare. For more information about Ascensus, visit ascensus.com. View career opportunities at careers.ascensus.com.
SOURCE Ascensus
