Ascensus has entered into an agreement to acquire PenSys, a third-party administration (TPA) firm based in Roseville, CA. It will immediately become part of Ascensus’ TPA Solutions division.
So far in 2018, Ascensus has also purchased Continental Benefits Group, 401kPlus, INTAC, and ASPERIA.
PenSys is a nationally recognized TPA that specializes in the design, implementation, and administration of defined contribution, defined benefit, and cash balance retirement plans. The firm, which also offers 3(16) fiduciary services, has established a strong reputation for providing creative plan design and high quality service, Ascensus said.
Jerry Bramlett, head of TPA Solutions, said, “This addition to Ascensus TPA Solutions goes a long way toward helping us build a national TPA that offers a broad set of services and resources to financial professionals, employers, and employees.”
Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A, said in a release, “This acquisition expands our California footprint significantly and adds to our capabilities to service clients nationally.”
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