Principal Financial Group To Acquire Its Employee Stock Ownership Plan Business From Ascensus; Principal To Add ~800 Plans And More Than 165,000 Participants To Its Workplace Savings And Retirement Solutions Business; Financial Terms Not Disclosed
Principal Financial Group To Acquire Its Employee Stock Ownership Plan Business From Ascensus; Principal To Add ~800 Plans And More Than 165,000 Participants To Its Workplace Savings And Retirement Solutions Business; Financial Terms Not Disclosed
Through this acquisition, Principal will gain full ownership of the ESOP recordkeeping business from Ascensus, along with its ESOP Economics consulting group and Telescope software. All products, clients, and employees will transition to Principal at the time of close, which is anticipated around the end of the second quarter of 2024. As Ascensus ESOP clients and participants are transitioned, they will be exposed to enhancements on the Principal recordkeeping platform such as digital access, support, and account management tools as well as audit process improvements to reduce time.
通过此次收购，Principal将从Ascensus手中获得ESOP记录保存业务的全部所有权，以及其ESOP经济咨询小组和望远镜软件。所有产品、客户和员工将在收盘时过渡到Principal，预计将在2024年第二季度末左右。随着Ascensus ESOP客户和参与者的过渡，他们将面临Principal记录保存平台上的增强功能，例如数字访问、支持和账户管理工具，以及审计流程改进以缩短时间。