Nationwide Financial introduces fee disclosure 408(b)(2) Solutions Kit for retirement plan advisors
FOR IMMEDIATE RELEASE
May 23, 2012
Erica Lewis (614) 249-0184
Jeff Whetzel (614) 249-6354
Columbus, OH — Recent research from Nationwide Financial shows the top concern for retirement plan sponsors is compliance with regulations, while the most important factor in choosing a plan provider is disclosure of fees.1 To help retirement plan advisors address these client concerns and adapt to the new Department of Labor (DOL) fee disclosure regulations taking effect on July 1, Nationwide Financial has developed a new 408(b)(2) Solutions Kit.
“Nationwide understands plan sponsors will be depending on their advisors to help them navigate and comply with the upcoming regulatory changes that affect their plan and its participants,” said Anne Arvia, president of Retirement Plans for Nationwide Financial. “We’re dedicated to equipping advisors with resources like the Solutions Kit to help their clients understand and comply with the new regulations.”
The Solutions Kit, created specifically for retirement plan advisors,
• A solutions guide that outlines the different tools and services Nationwide provides for use with plan sponsors to help them understand and comply with the new requirements.
• A summary of the specific requirements as outlined by the DOL, along with a summary to help plan fiduciaries understand their responsibilities for reviewing the reasonableness of the fees paid to service providers.
• A handbook with pointers advisors can use in conversations with plan sponsors to clearly explain the services they provide that add value to their retirement plan.
Nationwide will also provide regular updates to retirement plan advisors on its 408(b)(2) resources via emails and conference calls. Advisors are encouraged to visit Nationwide’s ERISA and Regulatory Online Resource, where they have the ability to submit questions to Nationwide’s regulatory specialists and receive timely responses to their questions.
“We’re already ahead of these regulations with our Clear Advantage and Flexible Advantage 401(k) products that provide total fee transparency,” said Arvia. “In addition to these products and our ERISA online resource, the Solutions Kit is another way we’re helping advisors remain the valued expert their clients depend on to help them prepare for the upcoming regulatory changes.”
For more information about fee disclosure, please watch this short video featuring Chuck Rolph, an ERISA attorney and a regulatory specialist for the Advanced Consulting Group at Nationwide.
Nationwide Mutual Insurance Company, based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor’s. The company provides customers a full range of insurance and financial services, including auto insurance, motorcycle, boat, homeowners, pet, life insurance, farm, commercial insurance, annuities, mortgages, mutual funds, pensions, long-term savings plans and specialty health services. For more information, visit www.nationwide.com.
Life insurance is issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio.
Nationwide, Nationwide Financial, the Nationwide framemark and On Your Side are service marks of Nationwide Mutual Insurance Company.
The Nationwide Group Retirement Series includes unregistered group fixed and variable annuities and trust programs. The unregistered group fixed and variable annuities are issued by Nationwide Life Insurance Company. Trust programs and trust services are offered by Nationwide Trust Company, FSB, a division of Nationwide Bank. Nationwide Investment Services Corporation, member FINRA. In MI only: Nationwide Investment Svcs. Corporation. Nationwide Mutual Insurance Company and Affiliated Companies, Home Office: Columbus, OH 43215-2220.
1. Employee Benefit Trends and Professional Service Firms, Nationwide Financial, May 2011.