Virginia’s State-Facilitated Private Retirement Program Scheduled to Launch in 2023

Virginia529 selects Vestwell to manage RetirePath Virginia

Richmond, Va, June 02, 2022 (GLOBE NEWSWIRE) — RetirePath Virginia will open by July 1, 2023. This system will present Virginians who don’t in any other case have entry to a office retirement financial savings plan the choice to avoid wasting a portion of their pay in a professionally managed IRA account. State laws directs Virginia529 to determine and oversee this system. Virginia529^SM chosen Vestwell because the RetirePath Virginia program administrator and BlackRock because the funding supervisor.

“Nearly half of Virginia employees don’t have entry to a retirement financial savings plan by their employer,” mentioned Virginia529 CEO, Mary Morris. “RetirePath Virginia is an revolutionary resolution to handle the Commonwealth’s rising retirement financial savings divide. This system is a logical growth of the Virginia529 mission, boosting entry and selling monetary wellness to much more Virginians.”

Underneath state laws, private-sector Virginia companies assembly sure standards — 25 or extra eligible staff, working for greater than two years, and never providing a retirement financial savings possibility — will probably be required to enroll in RetirePath Virginia. The pilot program is scheduled to start in early 2023 and phased enrollment will begin by July 1, 2023. RetirePath Virginia will probably be easy to manage and fee-free for employers. Worker participation will probably be voluntary.

Vestwell, in partnership with BNY Mellon, will present recordkeeping, custodial providers, and buyer help to taking part RetirePath Virginia employers and staff. Vestwell administers state-facilitated retirement financial savings packages in Oregon and Connecticut, in addition to packages in improvement for Maryland, Colorado and New Mexico.

“We’re proud to companion with Virginia529 to energy the revolutionary RetirePath Virginia program,” mentioned Aaron Schumm, Founder and CEO of Vestwell. “All People deserve an reasonably priced car to avoid wasting for his or her monetary future, and Virginia is bringing us one step nearer to closing the financial savings hole.”

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“RetirePath Virginia is a necessary program to assist make financial savings extra accessible for all Virginians,” mentioned Douglas Magnolia, President of Vestwell. “We’re thrilled to companion with Virginia529 and supply a personalised financial savings expertise on our state-of-the-art platform whereas lowering the executive burden for the state and its small companies alike.”

Funding supervisor BlackRock, one of many world’s main suppliers of funding, advisory and threat administration options, was chosen to be the first funding supervisor for the RetirePath Virginia program. BlackRock supplies funding providers for different Virginia529 packages.

Virginia529 is accountable for RetirePath Virginia program design, oversight and outreach actions. To help the company’s management and board, Virginia529 established a retirement program advisory committee with consultants in retirement plan design, funding administration, and enterprise.

Study extra about RetirePath Virginia and subscribe to updates at Virginia529.com/retire.

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About Virginia529 Faculty Financial savings Plan
Virginia529 makes schooling extra accessible and reasonably priced for households and people. With greater than $97 billion in belongings beneath administration and three million accounts as of March 31, 2022, Virginia529 is the biggest 529 plan obtainable. Two versatile, reasonably priced, tax-advantaged packages—Invest529^SM and CollegeAmerica®—and early dedication scholarship program SOAR Virginia® help college students of any age in reaching their increased schooling objectives. For extra info on Virginia529’s faculty financial savings choices, go to Virginia529.com or name 1-888-567-0540 to acquire program supplies. These embody info on Virginia529 packages, funding goals, dangers, costs, bills and different necessary info; learn and contemplate them rigorously earlier than investing. All investments are topic to threat, together with the potential lack of the cash you make investments. Virginia529 encourages potential contributors to hunt the recommendation of knowledgeable regarding any monetary, tax or authorized implications associated to opening an account. For residents of states apart from Virginia: earlier than investing, it’s best to contemplate whether or not your or the beneficiary’s dwelling state affords any state tax or different state advantages resembling monetary support, scholarship funds, and protections from collectors which might be solely obtainable for investments in that state’s certified tuition program. ©2022 Virginia Faculty Financial savings Plan. All Rights Reserved.

CONTACT: Sarah Pennington (804) 225-2692 spennington@able-now.com