Bank of New York Mellon : BNY Mellon and Sumday to Manage State of Oregon 529 College Savings Program

BNY Mellon has 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 and over $1.7 billion in assets.

This selection extends the relationship between BNY Mellon and Oregon. BNY Mellon, via the Sumday end-to-end plan management solution, also supports the Oregon Savings Network's Oregon ABLE Savings Plan, and a related nationally available ABLE plan, ABLE for ALL.

Through Sumday, 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 investment boards and plan sponsors.

'We are proud to see the power of our Sumday solution helping students and families save for their dreams,' said Douglas Magnolia of BNY Mellon Investment Services. 'In many cases, these are people who have not been able to participate in savings and investment programs before.'

'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: 'Sumday will offer college savers in Oregon a flexible and simple-to-use interface with a powerful custody and record-keeping infrastructure behind it. This program helps us further realize the aspirational spirit we built into the Sumday name.'

To learn more about BNY Mellon and Sumday, please visit our website or submit a request and a member of BNY Mellon's team will contact you. Members of the media should contact Christopher Fox (christopher.fox@bnymellon.com) for more information.

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 and more than 100 markets, and has a trade branch presence in the US, Germany, China, Hong Kong, Japan, Singapore, South Korea and Taiwan. Often labelled the 'bankers' bank, BNY Mellon is an award-winning provider of trade finance services.

As of December 31, 2017, BNY Mellon had $33.3 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.