OAKWOOD, Ga. — To help create a retirement opportunity for its “farm partners,” Wayne-Sanderson Farms is joining with Vestwell to launch a retirement savings program.
The program, designed specifically for the company’s more than 2,000 farm partners, underscores a significant step toward bridging the savings gap for agricultural workers, one of the American economy’s most essential yet traditionally underserved sectors, the companies said.
In north Alabama, Wayne-Sanderson has facilities in Decatur and Albertville; the company also operates in Dothan, Enterprise and Union Springs.
Farmers work tirelessly to feed the nation, yet many lack access to employer-sponsored retirement plans.
According to the U.S. Department of Agriculture, while many farmers have some form of retirement savings, their overall balances tend to be lower than the national average. Without structured savings options such as retirement, emergency, and education savings, many face financial uncertainty in their later years.
“At Wayne-Sanderson Farms, we care about the well-being of the farmers who play an integral role in our process to deliver the best quality chicken to the marketplace,” said Jeremy Kilburn, chief legal & compliance officer of Wayne-Sanderson Farms. “Our partnership with Vestwell has allowed us to create an opportunity for our farmers to be able to plan for their future.
“We are proud to support their ability to save for retirement with confidence and peace of mind.”
Through this partnership, farmers working with Wayne-Sanderson Farms can now participate in a Group of Plans retirement program powered by Vestwell and tailored to fit their individual needs.
This approach makes saving for the future easier and more affordable by lowering administrative costs and simplifying the process for both farmers and employers, ensuring that farmers can build the financial security they need for the future, according to the news release. This initiative reflects a growing movement to extend financial benefits to historically underserved industries.
With Vestwell’s platform, Wayne-Sanderson Farms said it is able to offer its network of farmers a scalable, efficient, and affordable savings program to more easily save for retirement. The company has appointed a select group of farmers to serve on a dedicated committee tasked with overseeing the execution of the program.
The committee will play an integral role in ensuring that the program is implemented in a way that directly addresses the needs of its farmers and delivers value to the farming community, the release said.
“Farmers are at the heart of our country, yet they’ve often been overlooked when it comes to retirement savings,” said Aaron Schumm, founder and CEO of Vestwell. “At Vestwell, our goal is to ensure hardworking Americans, including those in agriculture, have the opportunity to build financial security.
“Our partnership with Wayne-Sanderson Farms is an important step in providing farmers with the support they deserve.”
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