Ascensus Rebrands ‘Essentials’ 401(k) Small Business Plans
The recordkeeper is adding 3(16) administrative services and Vanguard funds to its existing 401(k) plan.
Ascensus LLC, a recordkeeper and retirement services firm, announced Tuesday the enhancement of Ascensus Essentials, a 401(k) plan for small businesses previously known as Ascensus CoPilot.
The expanded 401(k) product suite now includes 3(16) administrative services and investment funds from the Vanguard Group Inc. According to the announcement, the plan is designed to reduce administrative burden and fiduciary exposure for small business owners by outsourcing responsibilities including eligibility tracking, contribution monitoring and filing requirements.
The small business plans offer a low-cost investment menu and a financial wellness program, according to the Ascensus website. On average, “Individual(k)” solo 401(k) plans are set up in 2.5 days and group plans in 8 days, according to internal data cited in the announcement.
The Ascensus Essentials 401(k) plan is designed to work with or without an adviser, according to Mary Torgerson, Ascensus’ head of small business retirement. Advisers can directly access plan setup for Individual(k) products from Advisor Central by Ascensus, a hub for retirement solutions, client engagement tools and adviser-focused resources.
“The evolution of Ascensus Essentials has been underway for several years as part of Ascensus’ ongoing commitment to enhancing retirement solutions for small businesses,” wrote Torgerson in an email to PLANADVISER. “The launch represents the culmination of a long-term effort to refine the offering, expand capabilities and deliver a more streamlined experience for employers and advisers.”
On August 5, Ascensus announced the completion of its acquisition of AmericanTCS Holdings, a retirement plan provider that offered expanded services, including pooled employer plan solutions and fiduciary services for plan sponsors, advisers, third-party administrators, and asset and wealth management partners.
Ascensus restructured its retirement business in 2024 to include a small business unit offering 401(k) plans, simplified employee pensions and Savings Incentive Match Plans for Employees. Shortly thereafter, Torgerson was named to her position and Ascensus acquired Vanguard’s Individual 401(k), Multiple Participant SEP and SIMPLE IRA Plans division.
Last April, Ascensus named Dan Morrison president of its retirement business. The company also launched pooled employer plans for 403(b) nonprofits in March and June.
Ascensus won a PLANADVISER Adviser Choice Award this year for excellence in recordkeeping, based on advisers’ ratings in the latest PLANADVISER Retirement Plan Adviser Survey.