two people shaking hands on toppled trees acting as a bridge (Photo: freshideat/Adobe Stock)

A lot is happening in the employee benefits and retirement industry — thus, a roundup deep enough to sink your teeth into. I’m seeing more executive retirements (and, thankfully for the organizations’ futures, obvious efforts at succession planning), partnerships, acquisitions (consolidation continues in both retirement and employee benefits), and the usual upward striving of business professionals seeking new challenges. Here’s what’s happened recently.

Vestwell announced the intent to acquire Sumday, a subsidiary of The Bank of New York Mellon Corporation that manages and administers 529 college savings, 529A ABLE, and Secure Choice/Auto-IRA state-sponsored savings programs. BNY Mellon will act as the preferred servicing agent for the state programs managed by Vestwell. Sumday will be rebranded Vestwell State Savings. Douglas Magnolia will assume the role of President.

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C.J. Marwitz

C.J. Marwitz is a writer and editor.

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