U.S. Conference of Mayors and Nationwide partner to help public-sector workers save for retirement
FOR IMMEDIATE RELEASE
June 5, 2008
Nationwide Contact:
Carah Brody (614) 677-0275
brodyc@nationwide.com
U.S. Conference of Mayors:
Kathryn Kretschmer-Weyland (301) 460-5251
kweyland@usmayors.org
Columbus, Ohio — Nationwide Retirement Solutions (NRS), in partnership with The United States Conference of Mayors (USCM), is reaching out to more than 1,100 mayors across the country to help them educate and prepare public employees for retirement. The 2008 Save for Retirement Initiative asks mayors to show their commitment and support by signing a pledge to promote the importance and benefits of participating in deferred compensation plans.
With more than 61 percent of households at risk of being unable to maintain their current standard of living when they retire1, and healthcare costs outpacing pension incomes, public employees have an opportunity through their deferred compensation programs to prepare now for a more secure retirement in the future.
“Clearly, there is a huge opportunity for mayors to encourage city employees to save for retirement through deferred compensation programs,” said Mayor Dannel P. Malloy, City of Stamford, Conn., and the lead Conference Board Trustee for this initiative. “In doing so, cities can retain and attract highly qualified people and help employees and their families. Everyone wins.”
As part of the 2008 Save for Retirement initiative, mayors are being asked to:
- Reach out to employees to educate and promote the benefits of saving for retirement;
- Promote city-sponsored informational workshops for employees to learn more about their program;
- Sign and pledge to actively promote retirement savings through activities like National Save for Retirement Week, Oct. 19-25, 2008.
Tom Cochran, Executive Director and CEO of the Conference, explained, “Our goal is to dramatically increase the number of city employees participating in 457 retirement savings plans. With markets in flux, the weakening economy and skyrocketing health care costs, we believe the time to plan for retirement is now. This issue will continue to be significant for city workers and we want to do what we can to help these cities help their employees reach their retirement goals.”
Mayors across the country have already signed the pledge. With Nationwide’s support, USCM will provide toolkits to mayors that include resources to help them communicate to their directors and employees the importance and value of their deferred compensation programs.
“We must do more to help America’s workers understand why and how to effectively save for retirement,” said Matt Riebel, president of Nationwide Retirement Solutions. “We’ll do this by equipping them with the knowledge and tools to help them make savings decisions that are right for them and their families. Ultimately, we’d like to see every eligible employee participate; it’s the only way we can help ensure they will have the income they’ll need to live in retirement.”
For more than 30 years, USCM and Nationwide Retirement Solutions have helped public-sector employees prepare for and live in retirement. Today, nearly 4,000 cities and municipalities have chosen Nationwide as their retirement plan provider. This initiative is open to any deferred compensation program, regardless of whether Nationwide is their service provider.
For more information, including a complete listing of mayors who have signed the pledge, or to receive a toolkit, contact Kathryn Kretschmer-Weyland with the U.S. Conference of Mayors at 301-460-5251 or online at www.usmayors.org/saveforretirement.
About USCM
The U.S. Conference of Mayors is the official nonpartisan
organization of cities with populations of 30,000 or more. There are
1,139 such cities in the country today. Each city is represented in the
Conference by its chief elected official, the mayor. The primary roles of
the Conference of Mayors are to promote the development of effective
national urban/suburban policy; strengthen federal-city relationships;
ensure that federal policy meets urban needs; provide mayors with
leadership and management tools; and create a forum in which mayors can
share ideas and information. More information about the Conference is
available at usmayors.org.
About Nationwide Retirement Solutions
Nationwide Retirement Solutions, founded in 1973, is a subsidiary of
Nationwide Financial Services, Inc® (NYSE:NFS). The company provides
recordkeeping, education and administrative services for public employee
defined contribution plans and serves more than 1.55 million government
employees with more than $45.2 billion in assets under management.2
Nationwide Retirement Solutions and Nationwide Financial are part of the
Nationwide group of companies. Nationwide, based in Columbus, Ohio, is
one of the largest diversified insurance and financial services
organizations in the world, with more than $161 billion in assets.
Nationwide ranks #108 on the Fortune 500 list. The company provides a
full range of insurance and financial services, including auto,
motorcycle, boat, homeowners, life, farm, commercial insurance,
administrative services, annuities, mortgages, mutual funds, pensions,
long-term savings plans and health and productivity services. For more
information, visit www.nationwide.com.
¹ Center for Retirement Research at Boston College, National
Retirement Readiness Index Update, February 2008.
²Company records as of May 2008
Nationwide Retirement Solutions (Nationwide) works together with the United States Conference of Mayors (USCM) to provide members with a competitive deferred compensation program. As part of this sponsorship, Nationwide pays fees to USCM and its affiliates. For more information, including amounts paid, Nationwide encourages you to visit NRSforu.com.
Nationwide, Nationwide Financial, the Nationwide Framemark and On Your Side are federally registered service marks of Nationwide Mutual Insurance Company.
