Ascensus said April 25 that it agreed to buy Benefit Planning Consultants Inc. Financial terms weren’t announced. Benefit Planning, of Champaign, Illinois, is a third-party administrator that provides retirement and consumer-directed healthcare (CDH) solutions. Ascensus is a portfolio company of Genstar Capital and Aquiline Capital Partners.
Dresher, PA—April 25, 2018— Ascensus, a technology-enabled solutions provider that helps more than 8 million Americans save for the future, has entered into an agreement to acquire Benefit Planning Consultants, Inc. (BPC). Headquartered in Champaign, IL, BPC is a diversified third-party administrator (TPA) that provides retirement and consumer-directed healthcare (CDH) solutions. The firm assists businesses with the design, implementation, and administration of retirement plan services (such as 401(k), 403(b), 457, money purchase, profit sharing and employee stock owner ship plans) and benefit plan services (such as flexible spending accounts, health reimbursement arrangements, health savings accounts, and COBRA).
BPC, which was founded in 1979, serves clients across the nation by providing comprehensive retirement and benefit administration solutions with unmatched customer service. Its business practices, culture, and community involvement have earned accolades from numerous industry and business organizations for service and excellence, including recognition for being one of the Best Places to Work in Illinois in 2013, 2015, 2016, and 2017. Most notably, BPC was among the first TPAs in the country to earn certification from the Centre for Fiduciary Excellence, LLC (CEFEX) for Retirement Plan Administration Service.
“BPC is a great fit for Ascensus from both business and cultural standpoints,” states David Musto, Ascensus’ president. “Designing benefit and retirement plans that meet the needs of companies and their employees while treating clients with the utmost care and respect is very much in line with our mission of helping Americans save for the future—BPC’s talented group of associates will no doubt be an outstanding addition to the Ascensus team.”
“At BPC, we’ve always said that we’re small enough to care and large enough to do the job right,” says Habeeb Habeeb, BPC’s president and chief executive officer. “We’ll continue to maintain that mentality as part of Ascensus, taking advantage of our combined resources so that we can continue to bring passion to our work while placing a high value on our relationships with clients and partners.”
“With BPC, we are excited by the prospect of adding a hybrid TPA that provides a combination of retirement and CDH/benefit continuation services along with a fantastic service delivery reputation,” says Raghav Nandagopal, Ascensus’ executive vice president of corporate development and M&A. “We are committed to aggressively growing our CDH and benefit continuation offerings; adding BPC right after our acquisition of Chard Snyder fits this strategy.”
“We will continue to execute on multiple paths to success by acquiring not only standalone retirement TPAs, but also retirement plus CDH/benefit continuation TPAs as we seek to leverage the ongoing consolidation in the health and wealth market segments,” concludes Nandagopal.
Ascensus helps more than 8 million Americans save for the future—retirement, education, and healthcare—through technology-enabled solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals. Ascensus supports over 54,000 retirement plans, more than 4 million 529 education savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. As of December 31, 2017, Ascensus had over $163 billion in total assets under administration. For more information about Ascensus, visit ascensus.com.
View career opportunities at http://careers.ascensus.com/page/show/tpa and careers.ascensus.com or on LinkedIn at linkedin.com/company/ascensus. For the latest company news, follow @AscensusInc on Twitter.