Ascensus acquires Chard Snyder as it expands to CDH and EB Admin Markets
Ascensus, a U.S. third-party administrator (TPA) of savings products, in March 2018 entered into an agreement to acquire Chard Snyder, which will serve as the anchor business for Ascensus’ newly formed Health division.
Chard Snyder is a TPA that services consumer-directed health (CDH) plans including health savings accounts, health reimbursement arrangements, and flexible spending accounts. It also offers benefit continuation services like COBRA and FMLA leave administration along with retiree billing administration and commuter benefits.
Based in Mason, Ohio, Chard Snyder services more than 1,400 U.S. employers in sectors such as higher education, healthcare, municipalities, manufacturing, and banking & financial.
Ascensus Expands Product Range
According to David Musto, Ascensus’ president, “Adding Chard Snyder’s 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.”
Ascensus administrates over 54,000 retirement plans, more than 4 million “529” education savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. As of December 31, 2017, Ascensus had over $163 billion in total assets under administration.