Ascensus whose technology and expertise help millions of people save for retirement, education, and healthcare—is pleased to announce that it has become the first provider to record assets under administration exceeding $150 billion on its 529 savings platform.
The market leader in 529 plan administration, Ascensus provides technology and service solutions for 27 states and more than 40 programs. The firm’s 529 business is in the midst of a period of rapid growth, with a 40% increase in 529 accounts on its platform since the end of 2018. This has been driven by institutional wins that have added nine plans, as well as significant organic growth across plans under administration.
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Partners and savers rely on Ascensus to power their savings plans’ technology and service capabilities. The firm has successfully maintained its commitment to supporting these areas while managing the growth within its 529 business. Some examples of this include:
- Ascensus’ Ugift® platform has become an important component of Americans’ education savings strategy, enabling family and friends to contribute money directly to a beneficiary’s 529 account. In January 2020, Ascensus announced that more than $1 billion has been gifted to 529 education savings accounts through Ugift.
- Recognized as a service leader in the 529 market, Ascensus has received a National Quality Review 5-star rating for service quality in the last 17 quarters.
- Ascensus has made it a priority to develop resources such as HowToSaveForCollege.com, which helps individuals navigate the 529 selection process while reinforcing the benefits of 529 accounts.
- Ascensus has recently launched 529 Fit, a plan selection tool that allows businesses to direct their employees or constituents to an education savings plan with ease.
“More than six million current and future students—along with partners and advisors—benefit from the 529 services we provide: leading technology, innovative platform offerings combined with world-class investment partnerships, and outstanding customer service and operations,” states Peg Creonte, president of Ascensus’ Government Savings line of business. “We’re grateful for the trust our state clients and institutional partners have placed in us and are committed to servicing their investors with the highest quality and integrity.”
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