Nationwide to serve Sacramento Metropolitan Fire District’s Deferred Compensation Plan
FOR IMMEDIATE RELEASE
August 16, 2007
Contacts:
Carah Brody (614) 677-0275
Chad Green (614) 677-1679
Columbus, OH— Nationwide Retirement Solutions today announced that it has been selected as the Third Party Administrator (TPA) for the Sacramento Metropolitan Fire District’s (SMFD) Deferred Compensation Plan. Nationwide will provide education, marketing and recordkeeping services to the plan for the next five years. As of May 30, 2007, the SMFD plan had more than $70 million in assets and more than 850 participants.
The average participation rate for supplemental 457 deferred compensation plans is estimated at 34 percent.1 Remarkably, more than 80 percent of the SMFD’s eligible employees participate in its retirement savings program.
“We look forward to working with a plan whose participants are so involved,” said Matt Riebel, president of Nationwide Retirement Solutions. “Nationwide will support and engage participants as they prepare for retirement by offering competitive products and educational tools needed to help make sound investment decisions.”
The SMFD’s shift to Nationwide required that the plan’s managed account solution, and Deemed IRA offerings (traditional and Roth) be transferred to Nationwide’s platform. Deemed IRA’s are a relatively new option in the public-sector retirement industry and the complex transition of the Deemed IRA and managed account service to a new provider was one of the first of its kind.
About Nationwide Retirement Solutions
Nationwide Retirement Solutions, founded in 1973, is a subsidiary of Nationwide Financial Services, Inc®. 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 $40 billion in assets under management.2
Nationwide, Nationwide Financial, the Nationwide Framemark and On Your Side are federally registered service marks of Nationwide Mutual Insurance Company.
Educational services provided by Nationwide Investment Services Corporation, member FINRA
1Nationwide Retirement Education Institute, 2006 Trends in Public Sector Retirement Plans report.
2Company records as of August 2006
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