Partnership bolsters 529 account owners'
experience with core investment and servicing capabilities from two
leading firms
BALTIMORE, May 29, 2024
/PRNewswire/ -- T. Rowe Price, a
global investment management firm and a leader in retirement, today
announced a partnership with Ascensus to support its 529 business
and reinforce its commitment to enhancing the education savings
journey for account owners. T. Rowe
Price will continue as the investment and program manager
for its four highly successful state-sponsored 529 plans, while
Ascensus will provide recordkeeping and account servicing for the
plans.
T. Rowe Price selected Ascensus
because of its industry-leading servicing technology and expertise
in helping millions of people save in 529 plans. Ascensus is the
largest recordkeeper and third-party administrator of
state-sponsored education savings programs in the United States, serving 6.5 million 529
plan savers and more than $200
billion in assets under administration.
"Ascensus' long track record of success and scale in 529
administration and customer service made them the clear choice to
serve our 529 clients," said Phil
Korenman, Head of the Individual Investors division at T.
Rowe Price. "This partnership
complements and expands our servicing capabilities and it will
deliver an enhanced experience for account owners. We share a
passion for instilling confidence in the families we help in
pursuit of their education savings goals."
This partnership will provide 529 plan account owners with an
improved online platform and mobile experience, while maintaining
the same strong investment management and level of security that
keeps their personal information safe. Benefits include:
- A dedicated mobile app experience specifically designed for 529
plans that will allow account owners to manage their account
anywhere, anytime.
- An easy-to-use website and app offering personalized features
designed to drive outcomes and simplify the customer
experience.
- An enhanced gifting platform with a simple and secure way for
others, such as grandparents, to contribute to an account, as well
as improved gift tracking capabilities.
- The ability to seamlessly send electronic payments directly to
over 800 educational institutions.
"Ascensus is honored to be chosen to partner with T.
Rowe Price and support the education
dreams of students and their families across the nation," said
Peg Creonte, president of Ascensus
Government Savings. "T. Rowe Price
is one of the most respected investment management firms in the
world and a highly successful program manager for 529 plans. It's a
great fit for our world-class service and advanced technology,
including mobile capabilities, 529 gifting, and payment integration
with schools nationwide."
First launched in 1996, 529 education savings accounts allow
savers, their friends, and families to contribute money toward
expenses on a tax-advantaged basis for public or private college,
technical/vocational schools, apprenticeship programs, education
loan repayment, and certain primary and secondary school expenses.
There are over 675,000 account owners saving for education through
the four programs managed by T. Rowe
Price.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ – GS: TROW)
helps individuals and institutions around the world achieve their
long-term investment goals. As a large global asset management
company known for investment excellence, retirement leadership, and
independent proprietary research, the firm is built on a culture of
integrity that puts client interests first. Clients rely on the
award-winning firm for its retirement expertise and active
management of equity, fixed income, alternatives, and multi-asset
investment capabilities. T. Rowe
Price has $1.48 trillion in
assets under management as of April 30,
2024, and serves millions of clients globally. News and
other updates can be found on Facebook, Instagram,
LinkedIn, X, YouTube, and
troweprice.com/newsroom.
ABOUT ASCENSUS
Ascensus is a market-leading enabler of tax-advantaged
savings—providing technology, services, and expertise that helps
millions of people save for a better future. The company is a
premier savings program service provider, third-party
administrator, and government savings facilitator. Its platforms,
industry knowledge, and data-based insights enhance the growth and
success of its partners, their clients, and savers through
co-branded, private-labeled, and governmental partnerships.
Ascensus offers comprehensive qualified and nonqualified retirement
plan solutions, third-party retirement plan administration, 529
education and ABLE savings program administration, corporate- and
bank-owned life insurance solutions, and fiduciary and total
rewards services. Ascensus has more than $808 billion in assets under administration and
employs more than 5,500 associates as of March 31, 2024. For more information,
visit ascensus.com
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SOURCE T. Rowe Price Associates, Inc.