Press Release

Ascensus to Acquire 401(k) Recordkeeping Business from Mutual of Omaha

Issued by Ascensus

Mar. 27, 2024

Ascensus announced today that the company and Mutual of Omaha have reached a definitive agreement under which Ascensus will acquire Mutual of Omaha’s 401(k) recordkeeping business.

Ascensus and Mutual of Omaha have collaborated for more than 20 years to help savers reach their retirement goals. As an outsourced partner, Ascensus has provided recordkeeping; digital experiences for plan sponsors, third party administrators, and advisors; and participant services for the business it is acquiring.

Through the transaction, Ascensus will assume full responsibility for the recordkeeping business, which serves more than 2,300 retirement plans and 65,000 savers, and has more than $3.9 billion in assets under administration. Financial terms of the transaction are not being disclosed.

The companies said there will be no change to plan sponsor and participant web or service experiences as a result of the transaction—participants already log into their accounts through the Ascensus portal and Ascensus provides full account processing and servicing to sponsors and their savers today.

Participants will, however, gain access to complimentary Financial Finesse Essentials virtual coaching and planning tools offered by Ascensus—and benefit from Ascensus’ continued investment in innovative technology platforms and intuitive user experiences.

“We are honored that Mutual of Omaha, a company we have respected throughout our many years of partnership, has entrusted Ascensus with the retirement savings futures of their valued clients and savers,” said Ascensus President Nick Good. “Our clients and plan participants can look forward to a very straightforward transition and access to an enhanced suite of solutions and capabilities.”

“As a customer-focused company, we determined after a thorough strategic review of our 401(k) business that transitioning it to Ascensus would be in the best interest of our customers and our company,” said Mutual of Omaha’s Executive Vice President Stacy Scholtz. “We anticipate a smooth transition for our customers and a continuation of the service they have come to expect.”

Ascensus administers more than 154,000 retirement plans serving nearly five million retirement savers as of Dec. 31, 2023. Overall, the company serves more than 14 million people saving for retirement, education, and other expenses on a tax-advantaged basis.

Ascensus

Ascensus is a market-leading enabler of tax-advantaged savings—providing technology, services, and expertise that help more than 14 million people save for a better future.

The company is a premier savings program service provider, third-party administrator, and government savings facilitator. Our platforms, industry knowledge, and data-based insights enhance the growth and success of our partners, their clients, and savers through co-branded, private-labeled, and governmental partnerships.

Ascensus offers comprehensive qualified and non-qualified 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 $760 billion in assets under administration and employs more than 5,400 associates as of December 31, 2023.

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

About Mutual of Omaha

Founded in 1909, Mutual of Omaha is a highly rated, Fortune 500 organization offering a variety of insurance and financial products for individuals, businesses and groups throughout the United States. As a mutual company, Mutual of Omaha is owned by its policyholders and committed to providing outstanding service to its customers. For more information about Mutual of Omaha, visit www.mutualofomaha.com

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