DRESHER, PA — Ascensus, a leading provider of retirement plans, has announced the start of sales for its new Pooled Employer Plan (PEP) in collaboration with mutual fund company American Funds. The Ascensus I American Funds PEP will be available to employers and advisors starting in February.
The collaboration between Ascensus and American Funds began last fall when they jointly decided to market a multi-fund family PEP solution. 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 largest fiduciary service providers in the nation.
The plan features an open architecture fund lineup inclusive of American Funds, BlackRock, T. Rowe Price, Principal, and other leading investment managers. It also provides bundled 3(16) services to mitigate fiduciary exposure and assist with plan administration, along with financial wellness resources and advice through Financial Finesse.
One of the unique features of the Ascensus I American Funds PEP is the inclusion of American Funds Target Date Plus. This feature, powered by Morningstar Investment Management LLC, offers personalized allocation advice tailored to reflect a retirement saver’s specific needs and objectives more closely than a traditional target date fund (TDF) allocation determined solely by age. This tiered-investment menu groups investment funds into logical categories, helping to simplify participants’ decision-making process.
“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.”
Brendan Mahoney, head of Capital Group’s Institutional Retirement Strategic Growth team, echoed Crane’s sentiments. “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.”
The Ascensus | American Funds PEP is supported by Ascensus’ world-class client service team. It’s 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.
With $1.2 billion in PEP assets under administration, representing nearly 28,000 savers, and more than $723 billion in assets under administration overall, Ascensus continues to be a significant player in the retirement plan industry. This latest offering in collaboration with American Funds further solidifies its position as a leader in providing comprehensive retirement solutions.
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