June 2021

We’re making it easy and convenient for savers to achieve a financially secure future. 

Putting aside money for long-term expenses like college and retirement can be hard. The passage of the Achieving a Better Life Experience (ABLE) Act has been positively impacting many lives since 2016, when the first states started to implement ABLE plans. People living with disabilities now have the option to save money in tax-advantaged 529A-ABLE accounts and invest for the future without compromising important state and federal benefits. ABLE plans, together with 529 college savings plans--both codified into the Internal Revenue Code’s section 529—help individuals and families save for important expenses.


In addition, many states have recently launched or are in the process of launching state driven retirement plans.  These plans – frequently referred to as Secure Choice plans or Auto-IRA programs – require employers to facilitate employee enrollment in a state-run ROTH IRA program if the employer does not offer a retirement plan to their employees.  It is estimated that 57 million employees could be covered by these plans nationally. 


Through Sumday®, BNY Mellon simplifies delivery of these plans by providing states with service delivery, service management and customer support.   We helped introduce, convert and/or administer more than 20 programs, including features tailored for veterans, low-income individuals, those with disabilities, and even people without traditional bank accounts. We’ve developed smart, creative solutions with user-friendly features such as personalized gifting pages and pre-paid cards.  

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Sumday’s user-friendly digital platform helps account holders set and work toward savings goals, make transfers, and receive gifts from friends and family.

For example, starting and adding to 529 college savings plans is easy and more rewarding through the imaginative options we’ve developed and administer for the Oregon College Savings program.


  • Through Oregon’s BottleDrop program, savers direct their bottle and can deposit returns to their savings accounts. During 2020, more than 1.5 million bottles and cans were redeemed and $150,000 contributed to Oregon College Savings Plan accounts.
  • A simplified account opening process and a $50 matching contribution makes it easier and more appealing for unbanked and underbanked families to sign up for Oregon College Savings program. Low-income families with young children enrolled in the Head Start school readiness program learn about this opportunity through training material jointly developed by Sumday and Oregon. 
  • The Oregon College Savings plan matches initial contributions for infants (BabyGrad campaign) and preschoolers (KinderGrad campaign). Sumday determines eligibility and processes $25 matching contributions to new accounts for these future scholars.
Through our simple, smart online savings solutions, we’re giving more people more ways to contribute, withdraw, and invest for their future.

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