COLUMBUS, Ohio, Sept. 12 /PRNewswire/ -- Nationwide Retirement
Solutions today announced that the States of Idaho and Alabama have renewed
their deferred compensation program contracts until 2012, and 2013
respectively. Nationwide will provide recordkeeping, marketing, education
and investment management services for the plans' combined 24,732
participants.
Since 1980, Nationwide has served as the exclusive administrator for
Idaho's deferred compensation program. The program includes a Savers
Incentive plan. Under the incentive plan, the state has authorized a
contribution of $50 to any new participant's account who defers at least
three percent of their pay for one year to the deferred compensation
program. As a result of this plan, new enrollments have increased 263
percent to date.
Matt Riebel, president of Nationwide Retirement Solutions said, "The
Savers Incentive is a direct result of Idaho's creativity and innovation
around increasing participation rates among its workers. It's programs like
these that help Americans stay on track to building a healthy financial
future."
Nationwide has served the Alabama plan for the past 30 years. In
addition to extending its 457 contract until 2013, the state of Alabama
also has chosen Nationwide to assume the responsibility for the marketing,
funding and administration of its matching supplemental 401(a) program.
"We are grateful to have been a part of such a successful and
collaborative partnership with the State of Alabama for the past 30 years,
and look forward to continuing the partnership as we work to help state
employees save for their well-deserved retirement years" Riebel said.
Idaho and Alabama are two of Nationwide Retirement Solutions' longest
standing plans. "We're excited about the opportunity to continue these
relationships, and to continue developing customized services and programs
that make saving for a retirement a simplified and beneficial process,"
Riebel added.
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 invest(1) 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. 98 on the Fortune
100 based on 2005 revenue(2). For more information, visit
http://www.nationwide.com.
About Nationwide Retirement Solutions
Nationwide Retirement Solutions, founded in 1973, is a subsidiary of
Nationwide Financial Services. 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 $38.9 billion in assets under management(3).
Nationwide, Nationwide Financial and the Nationwide Framemark are
federally registered service marks of Nationwide Mutual Insurance Company.
On Your Side is a service mark of Nationwide Mutual Insurance Company.
(1) Nationwide Investment Services Corporation, member NASD. In MI
only: Nationwide Investment Svcs. Corporation.
(2) Fortune Magazine, April 2006
(3) Company records as of December 2004
Contacts:
Carah Brody 614-677-0725
brodyc@nationwide.com
Erica Lewis 614-249-0184
lewise6@nationwide.com
SOURCE Nationwide Financial Services, Inc.
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Related links:
http://www.nationwide.com
http://www.prnewswire.com/comp/607050.html/
CONTACT:
Carah Brody, +1-614-677-0725, or
brodyc@nationwide.com, or Erica Lewis, +1-614-249-0184, or
lewise6@nationwide.com, both of Nationwide
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