January 15, 2013
Nationwide Renews Retirement Plan Contracts with Maryland and Idaho
Retains $3.0 billion in assets
Columbus, Ohio - Nationwide Retirement Solutions, Nationwide Financial’s public-sector retirement plans business unit, today announced that the states of Maryland and Idaho have renewed their deferred compensation program contracts until 2018. Nationwide will provide recordkeeping, marketing and education services for the retirement plans’ combined 71,000 participants and $3.0 billion in assets.
“We’re honored to have the opportunity to continue these relationships,” said Eric Stevenson, senior vice president of Nationwide Retirement Solutions. “We look forward to continuing to work closely with these plans to offer the services and support they need to create successful retirement plans for their employees.”
Nationwide has worked with the Maryland Teachers and State Employees Supplemental Retirement Plans for the past 37 years. Maryland offers public employees access to six retirement plans, including 457(b), 401(a), 401(k), 403(b), Roth 401(k) and Roth 457(b). Nationwide is the sole provider to all six plans, which have combined assets of $2.7 billion and 65,000 participants.
“We are glad to continue our long-standing partnership with Nationwide, which brings both consistent and strengthened services to Maryland state employees,” said Mike Halpin, executive director of the Maryland Teachers and State Employees Supplemental Retirement Plans. “We believe our relationship with Nationwide gives real value to plan participants and helps them save for a financially secure retirement.”
Since 1978, Nationwide has served as the exclusive administrator for Idaho’s deferred compensation 457 plan and has helped the plan increase participation and deferral rates. Idaho includes a bonus program that offers fifty dollars to each new state employee that enrolls in the plan. Today, the plan has approximately 6,800 participants and more than $291 million in assets.
“Nationwide’s innovative capabilities to create a plan uniquely designed for our state employees is a key factor to why we’ve been partners for so long,” said Ben Ysursa, secretary of state and committee chairman for Idaho.
“Maryland and Idaho are both states we’ve shared valuable partnerships with for more than 30 years, and we look forward to continuing to help their public employees save for their retirement years,” said Stevenson.
Stevenson noted that these renewals come on the heels of Nationwide Retirement Solutions recently being selected as deferred compensation plans provider by the Kentucky Public Employees Deferred Compensation Authority, which includes recordkeeping, marketing and education services for that plans’ approximately 75,000 participants and $2 billion in assets.
Nationwide Mutual Insurance Company, based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor’s. The company provides customers a full range of insurance and financial services, including auto insurance, motorcycle, boat, homeowners, pet, life insurance, farm, commercial insurance, annuities, mortgages, mutual funds, pensions, long-term savings plans and specialty health services. For more information, visit www.nationwide.com.