Vestwell Expands State Retirement Savings in Delaware
Vestwell is proud to expand access to retirement savings for people in the great State of Delaware. We will soon be powering Delaware’s Expanding Access for Retirement and Necessary Savings (EARNS) Program. The new state savings program will provide private-sector employees access to affordable auto-IRA retirement accounts through the workplace, and marks Vestwell’s eighth state auto-IRA retirement program.
Today, the Partnership for a Dignified Retirement, led by Colorado, announced the Colorado SecureSavings Program and Delaware EARNS have established a partnership to enable more savers to prepare for their future retirement. Delaware is the second state partnering with Colorado to administer its retirement plan, following Maine’s Retirement Investment Trust (MERIT) program, which joined earlier this year. All three programs are powered by Vestwell.
“We’re excited to continue spurring innovation in the state savings space and support the expansion of state partnerships as a new way to bridge the access gap for individuals looking to save for their futures,” said Douglas Magnolia, Chief Customer Officer and President of Vestwell State Savings. “Delaware’s engagement with Colorado SecureSavings is representative of the next phase of state auto-IRA retirement programs– by partnering with another state with up-and-running savings programs, smaller states can expedite their program launch and get their residents access to these retirement accounts more quickly.”
According to the Georgetown University Center for Retirement Initiatives, 39% of private sector employees in Delaware do not have access to retirement savings through their workplace. The EARNS program will help serve small businesses as well as middle and low-income private sector employees who lack access to retirement savings. Once established, the Delaware EARNS program will bridge the savings gap for nearly 150,000 Delawareans.
The program will be available to Delaware private sector employees and is fee-free for employers, with employee participation being voluntary. Vestwell, in partnership with BNY Mellon, will serve as the program administrator, providing recordkeeping, custodial, and administrative services to employers and employees in the program. To stay up to date on the latest information about the program, visit treasurer.delaware.gov/earns.
This news follows the announcement and pilot launch of the first partner state program, MERIT, as well as the New Jersey Secure Choice Savings Program win earlier this year. State governments have overwhelmingly turned to Vestwell for its modern technology and ability to deliver a personalized savings experience on a state-of-the-art platform that spans all savings vehicle verticals. Today, Vestwell powers over 30 state savings programs across automatic IRAs, 529 Education Savings, and ABLE disability programs. To learn more, visit vestwell.com/state-savings.
