Ascensus will acquire the 401(k) record-keeping business of Mutual of Omaha, Ascensus announced in a news release on March 27.
Ascensus has long provided record-keeping services for Mutual of Omaha’s 401(k) clients and will now assume full responsibility for the business, which serves more than 2,300 retirement plans and has more than $3.9 billion in assets under administration.
“We are honored that Mutual of Omaha, a company we have respected throughout our many years of partnership, has entrusted Ascensus with the retirement savings futures of their valued clients and savers,” Ascensus President Nick Good said in the news release.
The record keeper declined to disclose the terms of the deal.
Ascensus said the companies do not anticipate any change to plan sponsor or participant web or service experiences other than giving participants access to complimentary virtual coaching and planning tools offered by Ascensus.
The transaction is expected to close in the third quarter, an Ascensus spokesman said.
As of Dec. 31, Ascensus administered more than 154,000 retirement plans serving more than 14 million participants and had more than $760 billion in assets under administration.
