David Musto, president and CEO of Ascensus, will serve as CEO of the combined company, while Greg Tschider has stepped down as CEO of Newport. retirement plan provider mergers and acquisitions, House Votes to Overturn Rule Allowing ESG Investing in Retirement Plans, SS&C Hires Nelson From Tata Consultancy as Retirement Business COO, Senate Follows House in Rejecting DOL ESG Rule, End Of The Road For Defined Benefit Plans? She will be supported by Kurt Laning, executive vice president, nonqualified and insurance solutions, along with Newports senior management team. The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed on March 27, 2020, includes several provisions intended to loosen restrictions on and reduce the tax consequences of distributions and loans from retirement plans. Scott Pollack. "PNC Bank is one of the largest and most-respected brands in the banking industry," says Greg Tschider, CEO of Newport Group. But employers that lose contact with participants who maintain a balance in the companys retirement plan risk breaching their fiduciary duties and jeopardizing the tax-qualified status of their plan. Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services. Greg Tschider has stepped down as CEO of Newport. Newport Trust Company is a New Hampshire state-chartered trust company Newport Trust Company provides independent fiduciary and trustee services for employee benefit plans. Greg Tschider - Ceo - Newport Group - email id & phone of top management contacts like Founder, CEO, CFO, CMO, CTO, Marketing or HR or Finance head. 1985. Newport Group has entered into a definitive agreement with PNC Bank to acquire its Vested Interest recordkeeping business. Similarly, Newports clients will benefit from greater access to unique tax-advantaged savings solutions across retirement, education and health provided by Ascensus. Size. Participant Login FAQ Our online Knowledge Center is continually updated with the latest news and information relevant to our clients and retirement plan participants. Youll learn how you can enhance your hiring and retention strategies. The firms hope to be operating as one team by next spring.. BILLION IN RETIREMENT ASSETS UNDER ADMINISTRATION, BILLION IN CORPORATE RETIREMENT + INSURANCE ASSETS. In addition, the companies respective investments in technology, digital capabilities, and analytics will deliver enhanced value to clients, expand client relationships, and create better outcomes for savers. The current wave of recordkeeper consolidation continues, with the Nov. 3 announcement that Ascensus has entered into a definitive agreement under which Newport Group will merge with the firm. DRESHER, Pa., Nov. 3, 2023 /PRNewswire/ Ascensus, whose technology and expertise help millions of people save for retirement, education, and healthcare, announced that it has entered into a definitive agreement under which Newport Group (Newport), the Walnut Creek, California-based retirement services provider, will merge with Ascensus.The newly combined organization will offer a broader . Contacts. The American Society of Pension Professionals & Actuaries is a non-profit professional society. This includes 529 plans, ABLE [Achieving a Better Life Experience] savings accounts and state-facilitated retirement programs. Newport Group was founded in 1985 and its current CEO is Greg Tschider. In another consolidation for the retirement plan business, Ascensus, a recordkeeping services provider and third-party administrator announced it has reached an . With the merger, Ascensus-administered assets under administration (AUA) will increase to more than $700 billion, including $184 billion in government savings accounts. She will be supported by Kurt Laning, executive vice president, Non-Qualified and Insurance Solutions, along with Newports senior management team. How the CARES Act Impacts Retirement Plans
Newport Group Chief Executive Officer Education Greg Tschider studied at University of Wisconsin-Madison. To ensure continuity of leadership, operations, and client service through closing, Laura Ramaniswho has served as Newport's chief operating officer since 2014has been named interim CEO. Greg Tschider, who led Newport's successful growth strategy, has stepped down as CEO of Newport. "This transaction is a strategic fit for our company . Pension Specialists acquires HCS division of RSM McGladrey, expanding service offerings to actuarial, compensation and benefits consulting, and ESOP services. With so much news and real time information readily at hand, it can be difficult for anyone to process what is relevant and critical for making prudent financial decisions. As a combined company, well be able to even further advance our mission of helping individuals save for what matters., Musto added, I want to commend Greg Tschider and his team for their leadership and success in building a strong, highly respected, and winning company in our industry., This is a tremendous opportunity for our two companies and our people, said Ramanis. and the Ascensus logo are trademarks of Ascensus, LLC. For more information, visitascensus.com. NEWPORT GROUP, INC. is a Texas Foreign For-Profit Corporation filed on December 14, 2015. With Newports business, Ascensus will see an expanded tax-advantaged savings participant base, including more than 140,000 nonqualified retirement plan participant accounts. Newport by the numbers Over 45% OF THE FORTUNE 500 AS CLIENTS $169+ BILLION IN RETIREMENT ASSETS UNDER ADMINISTRATION 39,000+ PLANS $330+ Terms of the deal were not disclosed. Newports Perspective on Market Volatility
Investment Advisory and fiduciary consulting services are offered through Newport Group Consulting, LLC, a registered investment adviser. Will His AI Plans Be Any Different? COPYRIGHT 2023BY ASPPA. Participant Login FAQ Moreover, the firms say that the companies respective investments in technology, digital capabilities, and analytics will deliver enhanced value to clients, expand client relationships, and create better outcomes for savers., Ascensus and Newport are both respected leaders in the marketplaceand well-known for service excellence, deep expertise, investment independence, and purpose-built technology, said Musto. Successful organizations have evaluated the competitiveness of their compensation programs, retirement plans, and employee benefits portfolio to effectively compete for and retain the talent that drives success. Most people dont plan to stay in touch with their former employer after they change jobs or retire. Greg Tschider and the Newport Group leadership team are scored a B- by 9 employees placing it in the Top 40% of companies sized 1,001-5,000 Employees on Comparably. Check out all Newport jobs Newport Moline, IL office. The American Society of Pension Professionals & Actuaries is a non-profit professional society. "This transaction is a strategic fit for our company. Funding $0 Acquisitions 2 News Latest News See All 306 Reviews Diversity & Inclusion at Newport 4.3 ( 64 Reviews) Joining with Ascensus provides additional resources to continue the expansion of services, and I am excited to see the new ways that our combined associate teams will work together for our clients.. Expand thetax-advantaged savings participant base of more than 15 million people across the country, Increase Ascensus-administered assets under administration to more than $700 billion when combined with Newports business, Provide management to $184 billion in government savings accounts (including 529 plans, ABLE savings accounts, and state-facilitated retirement programs), more than 700,000 health and flexible savings and COBRA accounts, nearly 300,000 COLI/BOLI policies, and more than 140,000 non-qualified retirement plan participant accounts, Why the New ESG Rule And Why Now? Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services. With . The company's filing status is listed as In Existence and its File Number is 0802356195. January 9, 2019 Uncategorized. And the decisions they make have huge consequences, not just for the bottom line, but for communities, cities, even entire countries. Were redirecting you to the most relevant section of NewportGroup.com. According to ZoomInfo records, Greg Tschider's professional experience began in 2003. Investing Companies. This webinar provided insight onthe unique economic impact that the coronavirus pandemic has had on non-qualified executive benefit plans. General FAQ Participant Login FAQ Alexa Gellinger. . Eric . Greg Tschider has stepped down as CEO of Walnut Creek, California-based Newport, and Laura Ramanis, its chief operating officer, will serve as interim CEO until the close of the transaction, the . Website. We answer some of the most common questions non-qualified plan sponsors may be receiving in light of the novel coronavirus. Banks, Credit Unions, & Financial Institutions, Combination represents acompelling strategic fit and creates a leader in tax-advantaged savings that is well-positioned to lead amid industry transformation. Ascensus and Newport are both respected leaders in the marketplaceand well-known for service excellence, deep expertise, investment independence and purpose-built technology, Musto says. call the Participant Service Center at844-749-9981, Managing Challenges for Non-Qualified Plans Related to Coronavirus
In that time, employees at the company's offices nationwide have helped more than 3,600 children get new shoes, jackets and socks! To ensure continuity of leadership, operations and client service through closing, Laura Ramaniswho has served as Newport's chief operating officer since 2014has been named interim CEO. David Musto, president and CEO of Ascensus, will serve as CEO of the combined company, while Greg Tschider has stepped down as CEO of Newport. "This transaction is a strategic fit for our company. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. But employers that lose contact with participants who maintain a balance in the companys retirement plan risk breaching their fiduciary duties and jeopardizing the tax-qualified status of their plan. Securities are offered through Newport Group Securities, Inc., a dually-registered investment advisor and broker dealer, member FINRA. As a combined company, well be able to even further advance our mission of helping individuals save for what matters., SPONSORED MESSAGE SCROLL FOR MORE CONTENT. You can read Newports comprehensive analysis of this important legislation here. To ensure continuity of leadership, operations and client service through closing, Laura Ramaniswho has served as Newport's chief operating officer (COO) since 2014has been named interim CEO.
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