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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.

C.J. Marwitz

C.J. Marwitz is the editor for the retirement industry audience and a digital managing editor at BenefitsPRO. She is currently considering pitches for unpublished contributed content related to the employer-sponsored retirement plan arena. A former technology editor, advertising copywriter, and academic advisor, Marwitz is the mother of three and walker/stick-thrower/treat-giver to an orange-and-white Welsh Corgi named Leeloo Dallas Multipass.

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