Nationwide Retirement Solutions wins renewal of Idaho and Alabama deferred compensation programs
Columbus, Ohio — Nationwide Retirement Solutions today announced that the States of Idaho and Alabama have renewed their deferred compensation program contracts until 2012, and 2013 respectively. Nationwide will provide recordkeeping, marketing, education and investment management services for the plans’ combined 24,732 participants.
Since 1980, Nationwide has served as the exclusive administrator for Idaho’s deferred compensation program. The program includes a Savers Incentive plan. Under the incentive plan, the state has authorized a contribution of $50 to any new participant’s account who defers at least three percent of their pay for one year to the deferred compensation program. As a result of this plan, new enrollments have increased 263 percent to date.
Matt Riebel, president of Nationwide Retirement Solutions said, “The Savers Incentive is a direct result of Idaho’s creativity and innovation around increasing participation rates among its workers. It’s programs like these that help Americans stay on track to building a healthy financial future.”
Nationwide has served the Alabama plan for the past 30 years. In addition to extending its 457 contract until 2013, the state of Alabama also has chosen Nationwide to assume the responsibility for the marketing, funding and administration of its matching supplemental 401(a) program.
“We are grateful to have been a part of such a successful and collaborative partnership with the State of Alabama for the past 30 years, and look forward to continuing the partnership as we work to help state employees save for their well-deserved retirement years” Riebel said.
Idaho and Alabama are two of Nationwide Retirement Solutions’ longest standing plans. “We’re excited about the opportunity to continue these relationships, and to continue developing customized services and programs that make saving for a retirement a simplified and beneficial process,” Riebel added.
About Nationwide Financial
Nationwide Financial Services, Inc. (NYSE: NFS), a publicly traded company based in Columbus, Ohio, provides a variety of financial services that help consumers invest1 and protect their long-term assets, and offers retirement plans and services through both public- and private-sector employers.
It’s part of the Nationwide group of companies, which offers diversified insurance and financial services. The group is led by Nationwide Mutual Insurance Company, which is ranked No. 98 on the Fortune 100 based on 2005 revenue2. For more information, visit www.nationwide.com.
About Nationwide Retirement Solutions
Nationwide Retirement Solutions, founded in 1973, is a subsidiary of Nationwide Financial Services. The company provides recordkeeping, education and administrative services for public employee deferred contribution plans that serve more than 1.5 million government employees with more than $38.9 billion in assets under management3.
Nationwide, Nationwide Financial and the Nationwide Framemark
are federally registered service marks of Nationwide Mutual Insurance
Company. On Your Side is a service mark of Nationwide Mutual Insurance
1 Nationwide Investment Services Corporation, member NASD. In MI only: Nationwide Investment Svcs. Corporation.
2 Fortune Magazine, April 2006
3 Company records as of December 2004