Skip to content
Vestwell Logo

Vestwell Becomes Top ABLE (529A) Program Provider in the Country

Leading fintech expands offerings to include disability and college savings programs

NEW YORK, NY, February 1, 2022 - Vestwell, the fintech engine powering leading savings programs, today announced its acquisition of Sumday®, a subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), has closed. Vestwell powers approximately one million individual savers, twenty-five thousand businesses, and $25 billion in assets across all 50 states.

The acquisition of Sumday® has established Vestwell State Savings, which manages and supports 529 College Savings, 529A ABLE (“ABLE”), and Secure Choice/Auto-IRA state-sponsored savings programs. Vestwell State Savings in partnership with BNY Mellon has become the market leader, powering three of the twelve states with retirement savings mandates in place for business owners including industry trailblazer OregonSaves, along with MyCTSavings, and MarylandSaves. As a result of the acquisition, Vestwell is now the largest ABLE provider in the United States.

According to PwC’s Retirement in America report, a quarter of adults in the United States do not have retirement savings at all, while sixty-four percent of those who do still feel under-saved for retirement. In an effort to close the retirement savings gap, 46 states have either enacted or are in various stages of the legislative process to provide retirement savings programs.

Some individual state governments are expanding their offerings, driving the introduction of other saving initiatives including 529 College Savings and ABLE programs. Vestwell is now the leading program manager of twenty state-led ABLE  programs and three 529 College Savings programs.

“We are proud to partner with state governments that are pioneering new savings vehicles for millions of Americans across the country,” said Aaron Schumm, Founder and CEO, Vestwell. “Together, we have an incredible opportunity to support employees and individual savers with programs that include those with disabilities and families saving for the next generation, in addition to long-term retirement planning.”

As a result of the acquisition, Vestwell is powering STABLE Account, a single platform across fourteen states, led by Ohio, helping those with disabilities achieve a better quality of life. The Achieving a Better Life Experience (ABLE) Act was created in 2014 to allow states to help individuals and family members with disabilities save on a tax-deferred basis for medical expenses. Vestwell is also the program manager and platform provider of Maine’s FAME and NextGen 529 College Savings program.

Vestwell is the only fintech company that partners with state governments to offer a personalized savings experience, on a state-of-the-art platform, spanning across all savings vehicle verticals. Its technology sets the firm apart with smart learning, modern APIs, and a completely digital interface while reducing the administrative burden for states and small businesses alike.

For more information, please visit Vestwell State Savings.


About Vestwell

Vestwell is the engine powering modern-day workplace savings and investing programs, such as 401(k) and 403(b) plans. Our cloud-based digital recordkeeping platform provides the underlying architecture to support leading financial services and payroll partners, state governments, and embedded financial affiliate groups. Vestwell’s scalable platform provides flexible, cost-effective, and user-friendly workplace savings programs to their small business clients and individual savers. Learn more at vestwell.com.

Media Contact

Nicole Wood
nicole.wood@vestwell.com