DRESHER, Pa., Jan. 15, 2019 /PRNewswire/ -- Ascensus—whose technology and expertise helps millions of people save for retirement, education, and healthcare—is pleased to announce that it has completed the transition of over 15,000 State Farm SEP (Simplified Employee Pension) and SIMPLE IRA (Savings Incentive Match Plan for Employees Individual Retirement Accounts) plans to its platform. The transitioned plans contain more than 45,000 IRA accounts.
Ascensus has partnered with State Farm for the past 15+ years to provide retirement solutions in the 401(k) marketplace. The solid relationship built by the two companies over time led State Farm to entrust Ascensus with its SEP and SIMPLE IRA plans. Ascensus' technology and commitment to service also factored heavily into State Farm's decision.
State Farm agents will continue to sell SEP and SIMPLE IRA plans, with all new business going to the Ascensus platform.
"First and foremost, it was an honor to be selected by State Farm to jointly service their small business clients given the strong commitment to quality for which the firm is known," states Mike Narkoff, head of Ascensus' institutional sales. "In addition, our open-architecture SEP and SIMPLE IRA platform has garnered quite a bit of interest over the last 18 months; we believe that partnering with State Farm to service both existing and new clients offers a glimpse into the platform's potential for growth and success."
"It goes without saying that transitioning more than 15,000 plans required tremendous effort from both State Farm and Ascensus," notes Scott Hintz, assistant vice president, investment planning services at State Farm. "The fact that all of the plans were in place and ready to be serviced as scheduled following the transition is a testament to the skill and dedication of the people who made it happen."
"State Farm is looking forward to continuing to work and grow with Ascensus as we seek to help more individuals prepare for a secure retirement," concludes Hintz.
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.
About State Farm®
The mission of State Farm is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its nearly 19,000 agents and approximately 65,000 employees serve approximately 83 million policies and accounts – approximately 81 million auto, fire, life, health and commercial policies and approximately 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 36 on the 2018 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.