Ascensus, a Dresher, Pa., record keeper and third-party administrator, announced on Tuesday it had entered into an agreement to acquire Pension Works Inc., a third-party administrator in Colchester, Vt.
Terms of the sale could not be learned. Roberta Hess, Ascensus senior vice president for marketing and communications, did not respond to a request for information.
Pension Works, whose clients include multinational corporations and family-owned businesses, will become part of Ascensus' TPA Solutions division, the news release said.
Ascensus, a defined contribution record keeper and administrator of 529 college plans and health savings accounts, had more than $187 billion in assets under administration as of March 31. Ascensus has acquired more than a dozen TPA firms this year.