Alight, a leading benefits administration provider of health, wealth and leave solutions, today announced a collaboration with BNY, a global financial services platforms company, to launch a retirement solution designed to offer defined contribution (DC) and defined benefit (DB) plan sponsors and participants deeper support for plan administration and investing. The collaboration combines Alight's recordkeeping capabilities with BNY's comprehensive expertise in custody, payments, bundled investment options and investment management.
Alight partners with BNY for integrated retirement plan solution.
Combines Alight's recordkeeping with BNY's custody, payments, and investment management.
Features bundled investment solutions including stable value, target date, active and index funds.
Dual-oversight model for strengthened fiduciary care.
Alight Worklife platform powers unified participant experience.
Alight serves 30M+ people through benefits administration.
The collaboration allows sponsors and their participants to rely on Alight as their primary partner while accessing bundled investment capabilities and services from BNY. Plan sponsors and participants can tap BNY's suite of retirement-focused investment products, including stable value, target date, active and index funds. These funds can be incorporated into Alight's DC and DB recordkeeping with a modern brokerage window built on custody infrastructure. The bundling provides sponsors with integrated solutions and enhanced economic alignment. With an open-architecture philosophy, sponsors and participants will be able to mix-and-match retirement options.
The dual-oversight model allows plan sponsors to offer retirement plan options with proper fiduciary care and oversight. Alight will leverage its recordkeeping infrastructure, plan administration capabilities and compliance processes to support sponsors' governance and operational requirements. The solution blends AI-driven insights and data security measures with personalized guidance. Acting as a single point of contact, Alight relationship managers will coordinate with BNY subject matter experts to deliver client support.
Dinesh Tulsiani, President of Employer Solutions at Alight, stated: "Our collaboration with BNY offers a streamlined experience that helps participants to take charge of their financial futures. By bringing together Alight's recordkeeping capabilities across DC and DB with BNY's comprehensive financial solutions including payments, custody, and investments, we will deliver a more seamless solution that helps sponsors manage their plans more efficiently."
Nader Souri, Head of Corporate Banking at BNY, added: "Sponsors have often faced limitations in providing participants with an experience that combines efficiency, flexibility, transparency, and retirement-specific investment options. Our solution with Alight is designed to overcome those limitations while helping equip employees to achieve better retirement outcomes."
The retirement plan solution will harness BNY's enterprise platform by leveraging the capabilities of BNY Investments, Asset Servicing and Global Payments and Trade. Alight will lead client engagement and implementation through its relationship management and service teams, with BNY providing subject matter expertise and supporting services.
About Alight Solutions
Alight is a leading benefits administration provider of health, wealth, leave and point solutions for many of the world's largest organizations and over 30 million people. Through the administration of employee benefits, Alight helps clients gain a benefits advantage while building a healthy and financially secure workforce by unifying the benefits ecosystem. The Alight Worklife® platform empowers employers to gain a deeper understanding of their workforce and engage them throughout life's most important moments.
