Ascensus, a service and technology provider that helps more than 7 million Americans save for the future, has announced the acquisition of independently owned Kravitz, Inc., a retirement administration firm and Cash Balance specialist focused on bringing its clients the latest in the design, administration, and management of corporate retirement plans.

Kravitz, founded in 1977, designed its first Cash Balance plan in 1989 and has since grown into the nation's Cash Balance leader, helping more than 125,000 Americans retire with innovative, tax-efficient retirement plans. The firm offers extensive training, education, and support on Cash Balance plans to its clients and an extensive network of financial advisors and third-party administrator partners. It employs more than 85 individuals and services more than 1,400 clients with retirement plans. As a result of the acquisition, Ascensus will serve approximately 50,000 retirement plans. Kravitz will maintain its focus on Cash Balance plans, with Dan Kravitz continuing in a senior leadership role.

"Kravitz is renowned for its Cash Balance plan expertise, market leadership, and client focus—we're excited for its team of actuaries and retirement plan professionals to join the Ascensus family," states Shannon Kelly, Ascensus' president of retirement. "Cash Balance plans are sophisticated and complex retirement plans that require a superior level of actuarial acumen; under Dan's ongoing leadership, we anticipate extending our company's growth into the mid-market segment."

"The Kravitz team is looking forward to becoming part of Ascensus and continuing to help our clients save for a more secure retirement," said Kravitz. "Our clients, employees, and industry partners can expect us to keep providing state-of-the-art plan design and expert administration while remaining dedicated to our values of innovation, accountability, and integrity."

About Ascensus

Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare—through service and technology solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of banks, credit unions, states, governments, financial professionals, employers, and individuals. Ascensus supports over 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. For more information about Ascensus, visit www.ascensus.com.