DRESHER, Pa., Feb. 1, 2021 /PRNewswire/ — Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—is pleased to announce that it has received the most Best in Class awards among all providers for retirement plan segments up to $50 million in assets in the 2020 PLANSPONSOR Magazine Defined Contribution (DC) Survey. This marks the third consecutive year that the firm has received the most awards for the up to $50 million segment. Overall, Ascensus won a total of 72 Best in Class awards and received the highest Net Recommendation Score among all providers for the $5 million to $25 million plan segment.
For over two decades, PLANSPONSOR‘s annual DC Survey has been a significant retirement industry benchmark, measuring and evaluating 401(k) and other DC providers according to feedback from their own plan sponsor clients. “Plan sponsors rate their providers by category, and those ratings are compared to benchmarks to establish Best in Class standards,” according to PLANSPONSOR‘s research team.
Ascensus received PLANSPONSOR Best in Class recognition in the following categories:
- 10 awards for Sponsor Services
- 16 awards for Service Teams and Support
- 22 awards for Plan Administration
- 15 awards for Investments and Fees
- 9 awards for Participant Services
The firm also received Best in Class status for all plan segments up to $200 million in every possible category for Service Teams and Support, including plan knowledge, compliance support, and regulatory updates. Ascensus is home to one of the nation’s largest ERISA retirement and legal compliance practices, with over 75 ERISA professionals.
“Throughout 2020, our Service team provided the high-touch support and expertise our clients needed to navigate the business challenges posed by COVID-19,” notes Rick Irace, chief operating officer of Ascensus’ Retirement and Health & Benefits lines of business. “Backed by our team of compliance experts, we provided timely analysis of new legislation and regulatory changes to ensure plan sponsors and their employees understood the options and relief available to them.”
Ascensus received Best in Class awards in the $50 million to $200 million plan segment for the first time this year, reflecting its investment in the technology and services necessary to support growing businesses. In 2020, Ascensus launched the READYSAVE™ retirement mobile app and expanded its managed accounts services to provide more personalized guidance and advice throughout employees’ retirement planning journey. Additionally, the firm recently introduced a digitized plan proposal platform, which embodies the freedom and flexibility Ascensus offers advisors and their retirement clients as an independent provider. This new platform features multiple levels of customization, allowing advisors to present the service model, investments, and plan features that best serve their clients’ needs.
PLANSPONSOR calculated Net Recommendation Score (NRS) for each plan provider based on DC Survey results, with Ascensus receiving the highest overall score for the $5 million to $25 million plan segment at 94.3%. Ascensus also ranked no. 3 for the under $5 million plan segment with a 92.1% NRS, highlighting the firm’s continued expertise and commitment to service excellence for small market retirement plans.
“We’re thrilled to receive this recognition from our retirement plan clients,” states Kevin Cox, president of Ascensus’ Retirement line of business. “These results validate that the technology and service investments we’ve made enable us to deliver a top-tier service experience at an excellent value to the clients and institutional partners we serve.”
Ascensus helps millions of people save for what matters—retirement, education, and healthcare. Through co-branded, private-labeled, and other governmental partnerships, our technology, market insights, and business knowledge enhance the growth and success of our partners, their clients, and savers. Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. For more information, visit ascensus.com.
Get the latest trends and insights based on our proprietary data from more than 113,700 retirement plans, 6.0 million 529 accounts, 426,500 health savings accounts, and 23 ABLE plans.* Inside America’s Savings Plans highlights average savings levels across these tax-advantaged accounts and showcases plan features that drive participation and growth. The State of Savings report outlines how plan contribution and withdrawal behaviors have shifted over the course of 2020 and since the passage of the CARES Act.
*As of December 31, 2020.