Ascensus will acquire third-party administrator Benefit Planning Consultants, Ascensus said Wednesday in a news release.
Terms of the deal were not disclosed.
Benefit Planning Consultants "assists businesses with the design, implementation and administration of retirement plan services ... and benefit plan services," the release said.
"We will continue to execute on multiple paths to success by acquiring not only stand-alone 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," said Raghav Nandagopal, Ascensus' executive vice president of corporate development and M&A, in the release.
Ascensus, a defined contribution record keeper and administrator of 529 college plans, individual retirement accounts and health savings accounts, had more than $163 billion in assets under administration as of Dec. 31.
Further information could not be learned by press time.
