BNY Mellon today announced its selection by the State of Oregon for its 529 College Savings Program. The program, previously administered by another provider, comprises college savings accounts for over 100,000 college-bound Oregonians.
This selection extends the relationship between BNY Mellon and Oregon. BNY Mellon also supports the Oregon Savings Network’s Oregon ABLE Savings Plan, and a related nationally available ABLE plan, ABLE for ALL.
BNY Mellon helps states administer and grow their 529 college savings, 529A ABLE, and other public-sponsored and tax-advantaged savings plans. It delivers a complete solution that fulfills the needs of individual end-users, as well as those of plan sponsors and investment boards. BNY Mellon’s plan management solution is provided through its wholly-owned subsidiary Sumday Administration LLC.
“We are proud to see the power of our 529 college end-to-end plan management solution helping students and families save for their dreams,” said Douglas Magnolia, Managing Director, BNY Mellon.
“We chose BNY Mellon because we had already seen their ability to deliver a comprehensive savings program for people with disabilities quickly and successfully. Their passion for helping people to save for their future really stands out. It just made sense to offer the same level of robust service to a broader audience of Oregon savers,” said Michael Parker of the Oregon Savings Network.
Magnolia added: “Our solution will offer college savers in Oregon a flexible and simple-to-use interface with a powerful custody and record-keeping infrastructure behind it. In many cases, these are people who have not been able to participate in savings and investment programs before.”
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of March 31, 2018, BNY Mellon had $33.5 trillion in assets under custody and/or administration, and $1.9 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.