New Pooled Employer Plan Solution offers
unique benefits
DRESHER,
Pa., Oct. 4, 2023 /PRNewswire/
-- Ascensus, whose technology and expertise help millions save
for a better future, said it will begin offering the Ascensus |
American Funds Pooled Employer Plan (PEP) solution on its
independent, open-architecture recordkeeping platform beginning in
spring 2024.
"We're delighted to partner with Capital Group, home of American
Funds, to offer the significant benefits and flexibility our PEP
program provides," said Jason Crane,
head of Distribution for Ascensus Retirement. "Capital Group shares
our goal to help more savers save more, and our commitment to
offering a full product continuum to meet customer needs. American
Funds' investment experience and Ascensus' award-winning service
are a powerful combination—and all focused on driving better
outcomes for partners, clients, and savers."
Crane said Ascensus will be the first provider to offer
American Funds Target Date Plus. This new investment
solution is focused on creating a unique portfolio that matches a
participant's financial needs more closely than a traditional
target date fund allocation determined only by age.
"After watching the PEP market evolve over the last several
years and listening closely to advisors who desired a pooled plan
offering, we are pleased to announce this partnership with
Ascensus," said Mike Bockstie,
Senior Vice President, Institutional Retirement Sales, Capital
Group. "The Ascensus-American Funds PEP Solution is the first in
the industry to include Target Date Plus1 as a QDIA
option for participants, which provides personalized allocation
advice tailored to a retirement saver's specific needs and
objectives."
The Ascensus | American Funds PEP offers the traditional
administrative and investment fiduciary benefits of a pooled
employer plan—with Wilshire taking
on the role as 3(38) investment fiduciary—plus several key
differentiators, including:
- American Funds Target Date Plus, powered by Morningstar
Investment Management LLC, with personalized allocation advice
tailored to a retirement saver's specific needs and objectives
- A tiered investment menu grouping investment funds into logical
categories (from target-date funds to customized portfolios) to
build understanding and simplify participants' decision making –
inclusive of a number of leading fund managers
- A fully bundled solution supported by Ascensus' world
class-rated client service team
- Greater capabilities targeting better outcomes for participants
through tools like My Forecast, where savers will be
able to see a complete retirement readiness view
- Plan design flexibility that works for each adopting employer,
and
- Financial Finesse financial wellness coaching
benefits2
Ascensus has reached $1 billion in
PEP assets under administration, representing more than 33,000
savers. The company has more than $742
billion in assets under administration overall.
1Capital Group and the Workplace Solutions group
within Morningstar Investment Management LLC, a subsidiary of
Morningstar, Inc., announced a new target date service, Target Date
Plus, with personalized allocation advice tailored to a retirement
saver's specific needs and objectives, in 2022. The service, which
employers can use as a qualified default investment alternative,
blends the American Funds Target Date Retirement Series® with
Morningstar Investment Management's experience delivering online
investment advice through its user interfaces and vast network of
integrated recordkeepers.
2Earlier this year, Financial Finesse, the leading
independent provider of financial wellness coaching benefits,
announced the expansion of a successful initial program with
Capital Group. The program brings Financial Finesse financial
coaching to select Capital Group DCIO clients in the mid-sized plan
sponsor market and PlanPremier® full-service recordkeeping clients
in the large plan sponsor market.
About Wilshire
Wilshire is a global provider
of market-leading indexes, advanced analytics, and multi-asset
investment solutions. A trusted partner to a diverse range of more
than 500 leading institutional investors and financial
intermediaries, our clients rely on us to improve investment
outcomes for a better future. Wilshire advises on over $1.3 trillion in assets and manages $86 billion in assets and is headquartered in
the United States with offices
worldwide.
As of June 30, 2023, Wilshire oversees defined contribution
solutions representing $205 billion
in assets, including a comprehensive suite of institutional-caliber
ERISA 3(21) and ERISA 3(38) plan fiduciary services, along with
participant advice and managed account solutions. Today more than
73,000 plans utilize Wilshire's
plan fiduciary services, and more than 280,000 plan participants
utilize our managed account solutions. Wilshire is dedicated to expanding retirement
plan coverage by empowering employers, their advisors and service
providers with independent investment solutions focused on driving
better outcomes.
More information on Wilshire
can be found at www.wilshire.com
About Ascensus
Ascensus is a market-leading enabler of tax-advantaged
savings—providing technology, services, and expertise that helps
millions of people save for a better future.
The company is a premier savings program service provider,
third-party administrator, and government savings facilitator. Its
platforms, industry knowledge, and data-based insights enhance the
growth and success of its partners, their clients, and savers
through co-branded, private-labeled, and governmental
partnerships.
Ascensus offers comprehensive qualified and nonqualified
retirement plan solutions, third-party retirement plan
administration, 529 education and ABLE savings program
administration, corporate- and bank-owned life insurance solutions,
and fiduciary and total rewards services.
The company's brands include Ascensus; Newport, an Ascensus company; and FuturePlan
by Ascensus. Ascensus has more than $742
billion in assets under administration and employs more than
5,600 associates as of June 30,
2023.
For more information, visit ascensus.com and
newportgroup.com.
About Capital Group
Capital Group, home of American Funds, has been singularly
focused on delivering superior results for long-term investors
using high-conviction portfolios, rigorous research, and individual
accountability since 1931.
As of June 30, 2023, Capital Group
manages more than $2.3 trillion in
equity and fixed-income assets for millions of individuals and
institutional investors around the world. Capital Group manages
equity assets through three investment groups. These groups make
investment and proxy voting decisions independently. Fixed-income
investment professionals provide fixed-income research and
investment management across the Capital organization; however, for
securities with equity characteristics, they act solely on behalf
of one of the three equity investment groups.
For more information, visit capitalgroup.com.
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SOURCE Ascensus