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Ascensus and OneDigital: A New Era in Retirement Planning

In an important development for employers and employees alike, Ascensus, a leading independent technology firm specializing in savings plans, has partnered with OneDigital to launch two groundbreaking Pooled Employer Plans (PEPs). The newly unveiled Path Forward 401(k) PEP and the Path Forward 403(b) PEP represent Ascensus's first entry into the 403(b) PEP space. This strategic collaboration aims to provide streamlined retirement solutions that will significantly ease the administrative burden many employers face, while also enhancing the benefits provided to employees.

Expanding Collaborative Efforts

This launch deepens a relationship that has already proven successful over time, with Ascensus and OneDigital having collaborated on over 1,000 retirement plans boasting total combined assets exceeding $5 billion. The nationwide distribution of these new plans will be channeled through OneDigital's expansive advisor network, which has established relationships with a myriad of employers across the nation.

Nick Good, CEO of Ascensus, expressed his enthusiasm for further collaboration: “We’re pleased to deepen our collaboration with OneDigital through these new retirement program offerings. This expanded relationship reflects our shared commitment to making high-quality retirement benefits easier for employers to offer and more effective for the people they serve.” His comments underscore the essential role that these partnerships play in helping more savers secure a comfortable retirement.

Meeting the Needs of Employers

Today's employers have a pressing need for retirement programs that reduce complexity without compromising on quality, and the Path Forward PEP suite is designed precisely to meet this demand. Frank Zaguro, National Vice President of Retirement Solutions at OneDigital, emphasized the significance of this initiative: “By combining OneDigital's investment stewardship with Ascensus' pooled plan provider and recordkeeping capabilities, we can offer a turnkey solution that supports better outcomes for savers and makes it easier for employers to provide meaningful retirement benefits.”

Comprehensive Services Provided

The new PEPs will see OneDigital taking on the role of 3(38) investment fiduciary for both retirement plans. This is crucial, as it means they will manage the investment components to ensure plan participants have access to well-constructed portfolios that enhance their potential savings outcomes. Meanwhile, Ascensus will provide various services including pooled plan provider functions, 3(16) administrative fiduciary services, trust, custody services, and recordkeeping. This comprehensive service package allows participating employers to delegate critical fiduciary responsibilities, thus fostering a high-quality retirement benefit structure for their workforce.

A Transformative Step for Retirement Savings

Ascensus is no stranger to PEPs, having administered over 45 partner PEPs with assets exceeding $2.7 billion since the enactment of the SECURE Act in 2019. Newport, an Ascensus subsidiary, was one of the very first registrants as a Pooled Plan Provider in 2021, marking a significant step within the landscape of retirement planning.

Ascensus and OneDigital’s innovative approach is rooted in their shared vision to make retirement savings more accessible to working Americans. The Path Forward PEPs not only simplify the process for employers but also significantly enhance the potential outcomes for employees, ensuring that they can save effectively for their futures.

For those interested in maximizing the benefits of their retirement plans, Ascensus is committed to being at the forefront of innovation in retirement planning, and their new partnership with OneDigital is a strong testament to that commitment.

About Ascensus and OneDigital

Ascensus has positioned itself as the premier independent technology and service platform for savings plans in America, boasting over $932 billion in assets under administration and a workforce of more than 5,000 employees. The company provides enhanced qualified and nonqualified retirement plan solutions, along with numerous other financial services tailored to help over 16 million individuals save effectively.

Similarly, OneDigital stands out as a frontrunner in insurance and financial services, merging top-tier personal and tech-enabled solutions to foster a modern work-life experience. Together, these companies are well-equipped to redefine the retirement planning landscape and work towards better financial security for all employees.

For more detailed information about this initiative and their offerings, visit ascensus.com and OneDigital.com.