Press Release

Ascensus | American Funds Pooled Employer Plan Sales Launch in February

Issued by Ascensus

Feb. 1, 2024

New PEP Option Offers Investors Enhanced Flexibility and Access

Ascensus -- whose technology and expertise help millions save for a better future -- announced that sales of the Ascensus | American Funds Pooled Employer Plan (PEP) will begin in February.

Both Ascensus and American Funds will offer the PEP program to employers and advisors under their new collaboration.

Ascensus and American Funds announced their plans to jointly market a multi-fund family PEP solution this past fall. The program offers investors broad access to one of the industry’s leading active target date managers through a fund menu designed by Wilshire, one of the nation’s largest fiduciary service providers. This includes:

• Streamlined solution enabling distribution efficiencies for advisors
• Plan design flexibility for each adopting employer
• Open architecture fund lineup inclusive of American Funds, BlackRock, T. Rowe Price, Principal and other leading investment managers
• Bundled 3(16) services to mitigate fiduciary exposure and assist with plan administration
• Financial wellness resources and advice through Financial Finesse.

Ascensus will be the first PEP provider to offer American Funds Target Date Plus. Powered by Morningstar Investment Management LLC, American Funds Target Date Plus features personalized allocation advice tailored to reflect a retirement saver’s specific needs and objectives more closely than a traditional TDF allocation determined only by age. A tiered-investment menu groups investment funds into logical categories, from Target Date Plus as the QDIA, to index funds and other actively managed portfolios from leading asset managers that help build understanding and simplify participants’ decision making.

“Capital Group, home of American Funds, has long been a trusted partner to Ascensus,” said Jason Crane, Ascensus’ head of Core Retirement. “We’re thrilled to expand our alliance by launching the Ascensus I American Funds Pooled Employer Plan, inclusive of Target Date Plus, and support American Funds entering this growing market. We look forward to working closely together to help more savers save more.”

“We are pleased to partner with Ascensus to offer this solution to meet the needs of a broader range of investors,” said Brendan Mahoney, head of Capital Group’s Institutional Retirement Strategic Growth team. “Too many people in this country are still not saving enough for retirement, and that’s why it’s imperative we offer turnkey solutions like this PEP option with a streamlined and low-cost personalized target date solution to help close that gap.”

Supported by Ascensus’ world class-rated client service team, the Ascensus | American Funds PEP is a fully bundled solution, focused on driving better outcomes for participants and providing tools like My Forecast, where savers can see a complete retirement readiness view and adjust their strategy accordingly when needed.

Ascensus now has $1.2 billion in PEP assets under administration, representing nearly 28,000 savers. The company has more than $723 billion in assets under administration overall.

About Ascensus

Ascensus is a market-leading enabler of tax-advantaged savings—providing technology, services, and expertise that help 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 $723 billion in assets under administration and employs more than 5,400 associates as of September 30, 2023.

For more information, visit ascensus.com and newportgroup.com.

About Wilshire

Wilshire is a leading global financial services firm and 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 $1.2 trillion in assets and manages $86 billion in assets as of September 30, 2023. Wilshire is headquartered in the United States with offices worldwide.

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 December 31, 2023, Capital Group manages more than $2.5 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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