Colorado and New Mexico recently created a historic partnership, signing a Memorandum of Cooperation (MoC) for their auto-enroll IRA programs. Through this partnership, an estimated one million private-sector workers in Colorado and 430,000 in New Mexico will now have access to a retirement plan through their employer. Vestwell, in partnership with BNY Mellon, will serve as the Program Administrator, providing recordkeeping, custodial, and administrative services to employers and employees in Colorado and New Mexico.
"We are proud to power the first-ever, multi-state auto-IRA program in the country," said Aaron Schumm, Founder and CEO of Vestwell. "Colorado and New Mexico are pioneering the next phase in retirement savings through cross-state partnerships, bringing dignified savings solutions their workforce deserves."