Nationwide Retirement Plans launches Clear AdvantageSM
New retirement plan discusses fees up-front
FOR IMMEDIATE RELEASE
October 8, 2008
Carah Brody (614) 677-0275
Columbus, OH — Nationwide Retirement Plans launches Nationwide Retirement Clear AdvantageSM, a 401(k) retirement plan featuring a new generation of fee disclosure and institutional class mutual funds. The growing interest in greater retirement plan fee disclosure by government, plan sponsors and participants also is shared by a large number of investment professionals. More than 70 percent surveyed responded that they either prefer or would be open to a retirement plan with a more visible fee structure1.
“We’re getting in front of legislation and working to change the conversation now with our investment professionals and plan sponsors,” said Matt Riebel, president of Nationwide Retirement Solutions. “We don’t want to wait for government mandates to do what we know is right and what we know our customers want.”
Clear Advantage provides plan sponsors with an up-front discussion on
pricing, which allows each plan to track its true performance and make
more informed decisions. Some of the new plan’s features include:
• Nationwide ClearCreditSM – any payments made by a mutual fund are credited back to the plan participant through reduced costs.
• Broad mutual fund choices – more than 150 brand-name retail mutual funds.
• No proprietary fund requirements – plan sponsors are never forced to choose Nationwide funds.
• Personalized investment options to help meet nearly every participant’s needs – from participants who are looking for “do-it-for me” solutions to those interested in going it alone and everywhere in between. Clear Advantage offers multiple target date fund options, fund window, self-directed brokerage account and professionally managed accounts.
“Plan sponsors and participants have the right to know not only what fees they are paying, but to understand what services and plan benefits they are receiving in exchange for those fees,” said Riebel. “Fee disclosure shouldn’t just be about finding the lowest price. Instead, we want to provide the information small businesses need to shop for a retirement plan that will best meet their needs.”
Clear Advantage’s design is based on research and feedback gathered from investment professionals, administrators and plan sponsors. Like all Nationwide retirement plans, Clear Advantage comes with Nationwide’s customer Bill of Rights and warranty and includes constant guidance and monitoring tools to help give plan sponsors confidence in meeting their fiduciary requirements.
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 invest2 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 revenue3. 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 Insurance Company.
1 Advisor Needs Assessment Research sponsored by Nationwide, May
2 Nationwide Investment Services Corporation, member NASD. In MI only: Nationwide Investment Svcs. Corporation.
3 Fortune Magazine, April 2007
"Nationwide ClearCreditsm is the amount by which the Nationwide Asset Fee is reduced for a particular fund. The ClearCredit is based upon the amount of payments Nationwide receives from the particular fund. It will change if the amount of payments Nationwide receives from a particular fund changes and is not applicable to every fund. [For more information about payments Nationwide receives, go to www.nationwide.com.]"
Nationwide, Nationwide Bank, Nationwide Financial, the Nationwide framemark, Nationwide Clear Advantage, Nationwide ClearCredit, Life Comes at You Fast and On Your Side are federally registered 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.