Nationwide Retirement Plans unveils plan sponsor fiduciary Bill of Rights
FOR IMMEDIATE RELEASE
May 30, 2008
Carah Brody (614) 677-0275
Columbus, Ohio — Nationwide Financial Services, Inc. (NYSE: NFS) has long been committed to educating plan sponsors about their fiduciary roles and responsibilities and providing tools and resources to help them provide a retirement plan that is good for them and their employees. Today, Nationwide Retirement Plans stepped up that level of commitment by launching the Nationwide Bill of Rights for plan sponsors and a fiduciary warranty.
The Nationwide Fiduciary Warranty outlines the plan sponsor’s fiduciary
obligations and defines Nationwide’s commitment to stand by them should
their investment decisions come into question. The Nationwide Bill of
Rights educates plan sponsors about their responsibilities and helps them
make sure they’re doing the right things for their plan so that they
won’t need the warranty.
“To really be on the side of the customer, we know we need to go beyond the warranty and the words on a piece of paper, we have to translate it into action,” said Joe Frustaglio, national sales manager for private-sector retirement plans. “It’s about standing beside the plan sponsor you’re working with and showing them you’re the right partner to help them, not only implement a prudent process to manage their retirement plan, but equip them with the knowledge and confidence they need to make the right decisions for their plan and their employees. The Nationwide Bill of Rights is really about empowering your clients to do what’s right.”
- Comprehensive fiduciary tools – access to a Model Investment Policy Statement partnered with in-depth fund analysis and monitoring tools and regular plan-level reporting including detailed investment analysis.
- Broad fund selection – programs that offer a range of investment options - from several hundreds to more than 1,000 investment options.
- Choice for employees, without increasing fiduciary risk – a mutual fund window with no trading fees, self-directed brokerage and managed accounts from multiple money managers.
- Simple, fast and easy help – resources to help plans get in compliance and stay in compliance, including Nationwide’s fiduciary handbook, 404(c) checklist, due diligence file checklist and plan fiduciary meeting checklist.
Full fiduciary protection – Nationwide has been named as an approved provider of retirement programs by the American National Bank of Texas, who will, for an additional fee, become a full-service discretionary trustee.
“When plan sponsors understand their roles, the job of the investment professional becomes much easier and allows them to use their time more efficiently,” Frustaglio said. “We’re helping add value to their clients’ retirement plans with tools to assist in monitoring investments and educating employees. Our goal is to help investment professionals win and retain clients.
Investment professionals often only get a few hours a year to meet with a plan’s trustees. Nationwide wants to make sure that they are able to make best use of that time. The Nationwide Bill of Rights provides a solid foundation for a due diligence conversation,” said Frustaglio.
To learn more about Nationwide’s commitment to helping strengthen
clients’ retirement plans, investment professionals can visit www.nationwide.com/rpsales
or call our sales team toll free at
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. 108 on the Fortune 500 based on 2007 revenue2. For more information, visit www.nationwide.com.
Nationwide, Nationwide Financial, the Nationwide Framemark and On
Your Side are federally registered service marks of Nationwide Mutual
2 Fortune Magazine, April 2008
Please note that the investment options offered through Nationwide’s Fund Window have not been individually selected and are not monitored by your Plan Representative. These investment options may require investment expertise and/or professional management advice to prudently manage. In addition, some of these investment options may have higher Nationwide asset fees than the investment options selected by your Plan Representative. Nationwide does not make recommendations or give investment advice.
Self-directed brokerage services are available through TD Ameritrade Corporate Services, Division of Ameritrade, Inc., a registered broker-dealer not affiliated with Nationwide.
The plan sponsor, and not Nationwide, selects the registered investment
advisor used in conjunction with managed accounts. The plan sponsor must
determine whether this service is appropriate for participants.
Additional fees apply for this service.
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.
Sponsors of retirement plans bear significant fiduciary responsibilities under the Employee Retirement Income Security Act of 1974 (ERISA). Nationwide provides products and services for retirement plans, but does not provide fiduciary services and is not a fiduciary to plans. The American National Bank of Texas Wealth Management Group Trust Division (“ANB”) provides fiduciary services to plans for a fee that is separate and unrelated to any fees or charges by Nationwide. Questions regarding the fiduciary services offered by ANB as well as any fees related to such services should be directed to ANB by calling ANB at (214) 863-6800 or by visiting ANB’s website at www.anbtrust.com. Nationwide may receive a referral fee from ANB.
Nationwide is not affiliated with and does not endorse the services offered by ANB. Nationwide takes no position as to the advisability or the necessity of such a service nor does Nationwide endorse or guarantee ANB or its services. It is the sole responsibility of the plan’s fiduciaries to determine whether they want to contract with ANB.