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Ascensus Transitions More Than 15,000 State Farm SEP and SIMPLE IRA Plans to Its Platform
Issued by Ascensus
Jan. 15, 2019
Firms Continue Strong Partnership of Offering Products to Help Individuals Save for Retirement
Dresher, PA, January 15, 2019 -- 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.
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