Vestwell today announced its partnership with the Vermont Student Assistance Corporation (VSAC) to power its education savings program.
The fintech company will collaborate with VSAC on VT529, Vermont’s 529 Education Savings Program, which provides Vermont residents with college planning resources and federal tax advantages. The program has covered over $400MM in qualified education expenses for over 13,000 students and families since its launch in 1999.
“We value Vestwell’s proven success, offering account holders low fees and an easy-to-use platform,” said Scott Giles, president and CEO of VSAC. “Vestwell has a growing track record here in Vermont, and we are looking forward to partnering with them as we continue to help students and families save for college and job training.”
The partnership is said to grow Vestwell’s presence in Vermont, where the company powers the state’s automatic individual retirement account (IRA) program, VTSaves, and its disability savings program, Vermont ABLE.
Douglas Magnolia, president of State Savings at Vestwell, says the firm’s partnerships provide an opportunity for residents to save for retirement, education, and disability expenses in one platform.
“Our partnership with the state exemplifies Vestwell’s ability to work collectively with multiple state agencies—each with their own unique programs—to create a cohesive savings experience.
“By powering all three of Vermont’s state savings programs, we can provide individuals with access to a full range of savings tools on one, unified platform—whether they’re planning for college, retirement, or disability-related expenses. This expanded partnership is a testament to the strength of our platform and the expertise we bring to state-sponsored savings initiatives,” added Magnolia.
Vestwell currently works with over 30 savings programs across automatic IRAs, 529 Education Savings, and ABLE disability programs. The fintech platform provides services for 1.5 million consumers across 350,000 businesses nationwide and has over $30 billion in assets under management (AUM).
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
