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.
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
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