Ascensus Announces Leadership Appointment and Next Evolution of State-Facilitated Retirement Program Business
Adds an industry veteran frame Scott Parry and launches a platform to improve the employer experience
DRESHER, Pa., July 12, 2022 /PRNewswire/ — Ascent— whose technology and expertise helps millions of people save for retirement, education and health care — recently took two major steps to continue revolutionizing its state-facilitated retirement program business.
The company announced the appointment of Scott Parry as Senior Vice President of the Company’s State Facilitated Retirement Programs (SFRP) business. It will report directly to Peg CreontePresident of Public Savings.
Parry is responsible for managing all aspects of the state-facilitated retirement plan business of Ascensus, which administers the state self-IRA programs that are rapidly rolling out across the country. Ascensus was the first company to administer a state self-IRA program and currently administers CalSavers and Illinois Secure Choice, which together recently exceeded 382,300 IRAs funded by 104,900 participating employers, maintaining Ascensus’ status as a largest supplier in the rapidly growing market*.
Parry joined Ascensus from Citizens Wealth Management where he led several digital transformation initiatives and brings over 20 years of experience in the retirement industry to his new role at Ascensus. He has held leadership positions including Managing Director of Ameritrade Retirement Services, Executive Vice President of FIS Retirement Services, CEO of Aon Hewitt Financial Advisors, and Chairman of Reliance Trust.
“We are delighted to welcome Scott to our leadership team, as his decades of experience in financial services and innovation will be instrumental in helping our SFRP participants,” said Creonte. “He shares our passion for creating solutions to the retirement savings deficit, and he joins us at a critical time as we grow our self-IRA plans through thousands of employers every month.”
Parry’s integration comes at a good time, as the Ascensus SFRP business recently launched a redesigned employer portal for CalSavers and Illinois Secure Choice SFRPs. The new platform improves navigation in a modern, updated design, streamlines the onboarding process for new employers, and reduces friction during the onboarding process to improve program facilitation. Additional features focus on managing employee lists by simplifying how employers upload and manage employee information and supporting technical integrations to enable better payroll vendor support.
“This release marks another major milestone in Ascensus’ efforts to improve the employer experience,” notes Creonte. “As a pioneer and leader in this growing market, Ascensus has leveraged key learnings and insights developed by working collaboratively with our partners, participating employers and behavioral experts to develop a platform that effectively meets to the needs of employers of all sizes. Our research clearly shows that creating a frictionless, supportive employer experience will increase adoption rates, positively impacting millions of people who previously had no no access to retirement savings plans.”
Ascensus is a market leader in tax-advantaged savings, providing technology, services and expertise that help more than 15 million people save for retirement, education and healthcare.
We are a leading savings program service provider, third-party administrator and government savings facilitator. Our platforms, industry insights and data-driven insights enhance the growth and success of our partners, their customers and savers through co-branded, private label and government partnerships.
Ascensus offers complete qualified and non-qualified pension plan solutions, third-party pension plan administration, ABLE 529 education and savings program administration, health and COBRA savings administration, corporate and bank-owned life insurance solutions, as well as fiduciary and total compensation services.
The Company’s brands include Ascensus; Newport, an Ascensus company; PAi, an Ascensus company; and FuturePlan from Ascensus. Ascensus has over $745 billion of assets under administration and employs more than 5,500 people in March 31, 2022.