Retirement savings technology developer Ascensus has agreed to acquire Chard Snyder, an employee benefit system.
As part of the transaction, Chard Snyder will serve as the ‘anchor’ business for Ascensus’ new health division. The new arm is a third-party administration firm for consumer directed health plans such as health savings accounts, health reimbursement arrangements, and flexible spending accounts.
Benefit continuation services like COBRA and FMLA leave administration, retiree billing and consumer benefits will also be offered by this new unit.
Ohio-based Chard Snyder delivers benefit solutions to over 1,400 employers across the US, within sectors including higher education, healthcare, municipalities, manufacturing, and banking & financial. The company offers employees access to pre-tax savings and spending accounts to help them meet their financial and health plan needs.
Ascensus builds technology solutions to support consumers in America to save money for their retirement, college and healthcare. Tailored services are available for asset managers, banks, credit unions, state governments, financial professionals, employers and individuals.
Consumers have a range of savings plans available to them, with each meeting necessary regulations.
Ascensus president David Musto said, “When looking at Chard Snyder, we identified a market leader in the CDH space with an outstanding market and client reputation. Adding their employee benefits expertise to our suite of service offerings positions Ascensus to better achieve our mission of helping Americans save for retirement, education, and health needs.”
This is Ascensus’ second strategic acquisition this year, with the company having already bought Qualified Plans to support it s retirement plan offerings. The company’s executive vice president Raghav Nandagopal said this acquisition was just ‘one of several additions’ planned for this year.
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