Wayne-Sanderson Farms Partners with Vestwell to Enhance Retirement Savings for Farmers

Wayne-Sanderson Farms Teams Up with Vestwell for Farmers' Retirement Savings

In a landmark move for the agricultural sector, Wayne-Sanderson Farms has announced an important collaboration with financial technology firm Vestwell to establish a new retirement savings program specifically designed for their network of over 2,000 farm partners. This initiative aims to address the persistent savings gap often faced by farmers, who play an essential role in feeding the nation.

Historically, farmers in the United States have lacked access to robust employer-sponsored retirement plans, which has created long-term financial uncertainty for many. According to data from the U.S. Department of Agriculture, while a number of farmers do manage some form of retirement savings, their accumulated funds are often significantly lower than the national average. Without reliable savings options for retirement, emergencies, and education, these vital workers frequently face precarious financial situations as they age.

With the unveiling of the Group of Plans (GoP) program, farmers associated with Wayne-Sanderson Farms will now have access to a structured savings initiative powered by Vestwell. This program is crafted to cater to individual requirements, simplifying the process and reducing administrative costs. As a result, the initiative aims to make it easier for farmers to save for their futures and establish the financial security they need.

"At Wayne-Sanderson Farms, we are committed to the welfare of our farmers, who are vital to our operations and the quality of the chicken we bring to market," stated Jeremy Kilburn, Chief Legal and Compliance Officer. "Our partnership with Vestwell allows us to open opportunities for our farmers to plan for retirement effectively, promoting confidence and peace of mind in their saving efforts."

A key component of this collaboration involves forming a committee made up of select farmers who will oversee the implementation of the GoP program. This dedicated group will play a crucial role in ensuring that the savings initiative aligns with the unique needs of the farming community, delivering genuine value to its participants.

Aaron Schumm, Founder and CEO of Vestwell, emphasized the importance of this initiative, noting: "Farmers are the backbone of our nation, yet their needs in terms of retirement savings have frequently been overlooked. Our collaboration with Wayne-Sanderson Farms is a significant step toward providing much-needed support for those in agriculture to build a secure financial future."

Wayne-Sanderson Farms stands as an industry leader, recognized as the nation’s third-largest poultry producer. The company prides itself on integrity, responsible farming, and contributing positively to local communities. With over 26,000 employees and 2,000 farm partners, Wayne-Sanderson Farms operates multiple processing facilities across several states, producing high-quality poultry products under various brand names.

As for Vestwell, the company is dedicated to addressing the savings gap present in America. Founded in 2016, Vestwell's platform provides efficient, accessible workplace savings solutions, encompassing retirement plans alongside benefits for student loan repayment, emergency funds, and more. It currently empowers nearly 1.5 million savers through its technological offerings.

This novel partnership reshapes the narrative around retirement savings in agriculture, presenting an effective model that considers the unique challenges faced by farmers. The program not only aims to foster a culture of saving but also aspires to inspire similar initiatives within other sectors of the economy.

In conclusion, the collaboration between Wayne-Sanderson Farms and Vestwell marks a transformative step in enhancing financial literacy and security for farmers. It is a vital effort to ensure that those who work tirelessly to nourish the nation are not left behind, affording them the opportunity to save appropriately for their future and retirement.

For more details about Wayne-Sanderson Farms, visit WayneSandersonFarms.com. To learn more about Vestwell's offerings, head to vestwell.com.