December 11, 2012
Nationwide Retirement Solutions Selected as Retirement Plans Provider by Kentucky Public Employees Deferred Compensation Authority
Columbus, Ohio - Nationwide Retirement Solutions (NRS), Nationwide Financial’s public-sector retirement plans business, today announced the trustees of the Kentucky Public Employees Deferred Compensation Authority have selected NRS as its deferred compensation plans provider. Nationwide will provide recordkeeping, marketing and education services for the plans’ approximately 75,000 participants and $2 billion in assets.
"The public-sector market is an extremely important part of Nationwide Financial’s retirement plans business, and we look forward to helping the thousands of public employees in Kentucky save for retirement, said Eric Stevenson, senior vice president of Nationwide Retirement Solutions.
The Authority’s program is highly customized, offering participants access to 457(b), 401(k), Roth 401(k), Deemed IRA and Roth IRA savings options. The Trustees cite Nationwide’s combination of technological advancements, a proprietary recordkeeping system and a willingness to work with the Authority to achieve its objectives as key to the decision.
“Nationwide proved to offer the Authority the best recordkeeping system to meet the needs of our highly customized plans,” said Bob Brown, executive director of the Kentucky Public Employees Deferred Compensation Authority. “Nationwide has assembled a strong team that is up to the challenges of our unique program. We have previously worked with most of their team and know they are willing to work with us to achieve our ambitious objective to continue to be an innovative leader in public sector retirement plans. We believe Nationwide is now the right provider for our participating employers and their participants, and we look forward to a long and highly successful relationship with them.”
Nationwide had been Kentucky’s provider for more than 30 years until 2010. The Trustees attributed its re-consideration to Nationwide’s extensive investment and advancement in technology, coupled with detailed knowledge of the plans and their enthusiastic approach to the partnership.
“We continue to make positive strides in our business aimed at improving the value and service we can provide to our customers,” Stevenson said. “We appreciate the confidence the Authority has placed in us and look forward to a long-term partnership with them."
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.