Ascensus adds to stable with Continental Benefits Group acquisition

Ascensus is acquiring third-party administration firm Continental Benefits Group.

Terms of the deal were not disclosed. The deal is expected to close Wednesday, a spokesman said.

Continental Benefits Group serves tax-qualified retirement plans — defined contribution, defined benefit and cash balance plans — and non-qualified deferred compensation plans, according to the release. The entire Continental Benefits team is expected to join Ascensus.

Ascensus, a defined contribution record keeper and administrator of 529 college plans, health savings accounts, had more than $187 billion in assets under administration as of March 31.

The Ascensus spokesman declined to provide Continental Benefit's assets under administration.