Ascensus — a big independent benefit plan administrator, or “third party administrator” (TPA) — has acquired two smaller TPAs.
The Dresher, Pennsylvania-based company recently announced that it has acquired INTAC Actuarial Services Inc. of Ridgewood, New Jersey, and QBI LLC of Woodland Hills, California.
Ascensus manages $187 billion in assets for about 8 million people, including participants in about 60,000 retirement plans, holders of 4 million 529 education savings accounts, and holders of 1.6 million individual retirement accounts and health savings accounts.
INTAC, the New Jersey TPA, administers retirement plans for about 3,000 small and midsize employers in New York, New Jersey, Connecticut and Delaware.
QBI administers about 3,500 defined contribution retirement plans and defined benefit pension plans.
— Read DOL to Help MetLife and Brighthouse Shut Down Abandoned Plans, on ThinkAdvisor.