Vanguard to exit small business plan administration space

Ascensus has entered into an agreement to acquire Vanguard’s Individual 401(k), Multiple Participant SEP (Multi-SEP), and SIMPLE IRA plans business.

Ascensus will assume recordkeeping and client servicing for Vanguard’s SIMPLE, Multi-SEP, and Individual 401(k) retirement plans, and Ascensus wilk increase the overall retirement plans under administration to nearly 280,000 plans.

Ascensus will provide custodial and trustee services, recordkeeping, client servicing, transaction processing, tax reporting, and other services, and plan participants will retain access to a diverse lineup of Vanguard mutual funds via the Ascensus platform.

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