Vestwell Inks a Deal With BNY Mellon
The two firms will partner to earn the business of state-sponsored retirement programs, like OregonSaves and CalSavers.
Bank of New York Mellon and Vestwell are entering a partnership that will give the bank a technological boost as it embarks on a foray into service offerings for state-sponsored retirement plans. The bank signed Vestwell as an affiliate, meaning several of the banking behemoth’s units, including BNY Mellon Custody, Pershing brokerage services, Lockwood asset management and retirement plan management solution, Sumday, will all have access to the newly signed firms’ homegrown retirement plan-focused interface.
According to Georgetown University’s Center for Retirement Initiatives, some 40 states have implemented, studied or considered legislation to establish state-facilitated retirement savings programs in the past six years. This level of interest signals there’s significant momentum behind state- and city-sponsored retirement plans. While Oregon was first out of the gate with OregonSaves, there are now 11 state and local government-enacted retirement savings programs for private sectorworkers, including an auto-IRA in the City of Seattle. Last month California started its official pilot program registration and enrollment.Back to News