Family Farmers Raising Retirement Funds with New Vestwell Partnership
Over 2,000 family farmers at the nation’s third-largest poultry producer will be the beneficiaries of a new retirement savings program from Vestwell designed specifically for them as part of a deal announced this morning.
New York-based Vestwell announced its partnership with Wayne-Sanderson Farms in a collaboration that underscores a significant step toward bridging the savings gap for agricultural workers, one of the American economy’s most essential yet traditionally underserved sectors.
“Farmers are at the heart of our country, yet they’ve often been overlooked when it comes to retirement savings,” said Aaron Schumm, Founder and CEO of Vestwell. “At Vestwell, our goal is to ensure hardworking Americans, including those in agriculture, have the opportunity to build financial security. Our partnership with Wayne-Sanderson Farms is an important step in providing farmers with the support they deserve.”
Farmers work tirelessly to feed the nation, yet many lack access to employer-sponsored retirement plans. According to the U.S. Department of Agriculture, while many farmers have some form of retirement savings, their overall balances tend to be lower than the national average. Without structured savings options such as retirement, emergency, and education savings, many face financial uncertainty in their later years.
Through this partnership, farmers working with Wayne-Sanderson Farms can now participate in a Group of Plans (GoP) retirement program powered by Vestwell and designed to fit their individual needs. This approach makes saving for the future easier and more affordable by lowering administrative costs and simplifying the process for both farmers and employers, ensuring that farmers can build the financial security they need for the future.
“At Wayne-Sanderson Farms, we care about the well-being of the farmers who play an integral role in our process to deliver the best quality chicken to the marketplace,” said Jeremy Kilburn, Chief Legal & Compliance Officer of Wayne-Sanderson Farms. “Our partnership with Vestwell has allowed us to create an opportunity for our farmers to be able to plan for their future. We are proud to support their ability to save for retirement with confidence and peace of mind.”
In a press release today, Vestwell said this initiative reflects a growing movement to extend financial benefits to historically underserved industries. Vestwell empowers nearly 1.5 million savers across over 350,000 businesses nationwide, with over $30 billion in assets under management.
With a diverse portfolio of products and an industry-leading workforce of more than 26,000 people and over 2,000 farm partners, Wayne-Sanderson Farms owns and operates 23 fresh and further-processing facilities across Alabama, Arkansas, Georgia, Louisiana, Mississippi, North Carolina and Texas.
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
