Maine, Colo. partner on retirement savings programs

By combining, the states aim to lower the costs associated with the plans.
Gov. Janet Mills speaks at her inauguration ceremony, Wednesday, Jan. 4, 2023, at the Civic Center in Augusta, Maine. (AP Photo/Robert F. Bukaty)

Maine and Colorado have entered into what the states are calling a first-in-the-nation partnership to lower the fees associated with their automatic retirement savings programs.

The interstate adhesion agreement, signed on Aug. 11, links the programs through an administrator — Vestwell, in partnership with BNY Mellon — that provides record-keeping, custodial and administrative services to both employers and employees.

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