Company developed suite of integrated services and consumer interface that provides plan participants full online and mobile self-service access
NEW YORK, January 9, 2017 – BNY Mellon congratulates the Oregon 529 Savings Network on the launch of its Oregon ABLE Savings Plan, and the related nationally available Able plan, ABLE For All, which allow people with disabilities and their families to build tax-deferred savings for disability-related expenses without jeopardizing state and federal benefits. Oregon is among the first adopters of the federally sponsored program, the result of the 2014 Achieving a Better Life Experience Act.
BNY Mellon, a global leader in investment management and investment services, developed a comprehensive suite of integrated services and an easy-to-use consumer interface that provides plan participants full online and mobile self-service access: to open and manage accounts, maintain their records, and reach customer service representatives trained to work with individuals with disabilities. ABLE programs are notable because until now, people with disabilities could not save money unless they could survive without federal/state benefit programs.
Samir Pandiri, Chief Executive Officer, BNY Mellon Asset Servicing, said, “We are proud to support Oregon ABLE’s commitment to create investment tools that benefit an important segment of our population with special needs.”
“BNY Mellon’s support ensured a smooth rollout of this ground-breaking program,” said Michael Parker, executive director of the Oregon 529 Savings Network, which formally launched Oregon ABLE on December 6, 2016. “Because they bring such solid processes and tools to the table, they were able to spend more time listening closely to our needs and the needs of the population we serve. The result is a program that avoided heavy custom development while still meeting the needs of participants. Families with disabilities already face tough choices. It has been gratifying to have the support of a BNY Mellon team that shares our commitment to improving lives.”
“Ease-of-use was a critical focus for us,” said Douglas Magnolia of BNY Mellon Investment Services. “The flexible and simple-to-use Oregon ABLE interface complements BNY Mellon’s powerful custody and record-keeping infrastructure, which further supports this pioneering savings tool.”
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. BNY Mellon’s solutions for OregonABLE are powered by Sumday, our company that combines people, technology, creativity and financial services to help business, institutions and government entities reach their goals. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of September 30, 2016, BNY Mellon had $30.5 trillion in assets under custody and/or administration, and $1.72 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
ABLE stands for “the Achieving a Better Life Experience Act,” which was signed into law in December 2014 by President Barack Obama. The act is designed to help people with blindness or other disabilities afford the additional expenses incurred as a result of the disability by creating savings plans for disability-related expenses. The plan is available to families of and individuals diagnosed before age 26 with significant disabilities such as Down syndrome, autism, cerebral palsy and other intellectual or developmental disabilities.
Oregon ABLE can be accessed at: http://oregonablesavings.com/
The national plan, ABLE For All, can be accessed at http://ableforall.squarespace.com/