Gifting Program Grows 50% in Just One Year
DRESHER, Pa., March 13, 2023 /PRNewswire/ -- Ascensus—whose technology and expertise helps millions of people save for retirement, education, and healthcare—announced that more than $3 billion has now been gifted to 529 and ABLE savings accounts through the company's Ugift® program.
Ugift surpassed the $3 billion milestone in late February. Ascensus data shows that more than $1 billion in contributions were received since the program reached $2 billion in January 2022, representing a 50-percent increase in just one year.
Ugift is a free service that enables family and friends to contribute to a beneficiary's account. Gift givers are given a unique code for the beneficiary, which allows them to make contributions simply and securely. The code can be shared with friends and family most easily by sending a text message through Ascensus' READYSAVE 529 mobile app and contributions can be made at any time, either electronically or by mail. All Ugift contributions are directed to the beneficiary's 529 or ABLE account and can be made by ACH transaction or check, with no associated fees charged to the beneficiary or contributor.
"Ugift is clearly having a meaningful impact for individuals and families saving for some of life's most important needs," said Peg Creonte, president of Ascensus' Government Savings line of business. "Our hope to provide an easy and transparent way for friends and family to contribute to a beneficiary's account is being realized—and that's very gratifying for us and the state 529 and ABLE partners we support. We join them in celebrating the enormous generosity behind this significant growth in contributions and look forward to helping even more people participate through Ugift in the future."
Creonte added that the accelerating growth in contributions reflects the increasing number of 529 plans that have selected Ascensus as their administrator, providing Ugift access to more than 1.5 million new accounts since the end of 2019. Ascensus serves 43 529 education savings plans and 22 ABLE plans as of Dec. 31, 2022.
For more information on Ugift, visit Ugift529.com or UgiftABLE.com.
Ascensus is a market-leading enabler of tax-advantaged savings—providing technology, services, and expertise that help more than 15 million people save for retirement, education, and healthcare.
We are a premier savings program service provider, third-party administrator, and government savings facilitator. Our platforms, industry knowledge, and data-based insights enhance the growth and success of our partners, their clients, and savers through co-branded, private-labeled, and governmental partnerships.
Ascensus offers comprehensive qualified and non-qualified retirement plan solutions, third-party retirement plan administration, 529 education and ABLE savings program administration, health savings and COBRA administration, corporate- and bank-owned life insurance solutions, and fiduciary and total rewards services.
The company's brands include Ascensus; Newport, an Ascensus company; PAi, an Ascensus company; and FuturePlan by Ascensus. Ascensus has more than $700 billion in assets under administration and employs more than 5,700 associates as of December 31, 2022.
For more information, visit ascensus.com and newportgroup.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ascensus-ugift-program-surpasses-3-billion-in-contributions-301769376.html