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Ascensus Announces Agreement to Acquire Oregon-Based Wrangle
Issued by Ascensus
Mar. 27, 2019
Expands Compliance Capabilities with Addition of Leading Provider of Health & Welfare Form 5500 Preparation and ERISA Health & Welfare Plan Document Services
Dresher, PA, March 26, 2019 -- Ascensus -- whose technology and expertise helps millions of people save for retirement, education, and healthcare -- has entered into an agreement to acquire Wrangle, the leading provider of health & welfare Form 5500 preparation and related ERISA compliance services in the country.
Based in Junction City, Oregon, Wrangle supports employee benefits brokers and plan sponsors across the U.S. by providing Form 5500 filing services for their clients. The firm's unrivaled effectiveness in this area is attributable to its unique proprietary technology, which helps brokers by taking on all aspects of the Form 5500 process from beginning to end, including collecting information from carriers, managing schedules and deadlines, and seamlessly e-filing information with the Department of Labor. Wrangle is managed by highly experienced employee benefits professionals who understand the benefits process -- especially the strict reporting requirements of ERISA health and welfare regulations, as well as provisions associated with ERISA wrap-plan documents and non-discrimination testing.
ERISA compliance, plan documentation, filing, and related services have been among Ascensus' core offerings for many years across its Retirement, Health, and TPA Solutions business segments. The firm significantly expanded its benefit administration offerings in 2018 with the acquisitions of Chard Snyder and Benefit Planning Consultants, Inc., which provide consumer-directed healthcare administration (e.g., health savings accounts, flexible spending accounts, and health reimbursement accounts) and benefit continuation services (e.g., Consolidated Omnibus Budget Reconciliation Act and retiree billing administration).
"Wrangle has built a strong business -- and reputation -- via its proven technology platform (which we intend to maintain and further enhance) that serves hundreds of brokers and plan sponsors," says David Musto, president of Ascensus. "The real drivers of Wrangle's success, though, are the people behind the business and the outstanding customer service that they provide; it's my pleasure to welcome their team of talented and experienced associates to Ascensus."
"Joining Ascensus will allow us to continue to meet the compliance needs of our clients with the support of a nationally recognized, benefits-focused organization," says Lynda Taylor, Wrangle's chief operating officer. "We'll take advantage of their considerable resources to maintain our status as a service champion and solid partner for those seeking assistance with health & welfare Form 5500 filings and ERISA reporting and disclosure."
"Wrangle owns an almost 25% market share in providing health & welfare Form 5500 solutions and has long-standing relationships with the nation's largest employee benefits brokers," says Raghav Nandagopal, Ascensus' executive vice president of corporate development and M&A. "We're excited to bring their compliance expertise and technology capabilities in-house to leverage them in our benefits administration business and in our retirement and TPA businesses as appropriate."
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