New program provides value for small plans
COLUMBUS, Ohio, Nov. 17 /PRNewswire/ -- More than 100,000 businesses
have started offering a workplace savings plan during the last five
years.(1) However, 87 percent of U.S. companies with five to 500 employees
don't offer a plan, and each year approximately 45,000 small plans look for
a new provider that can better meet their needs.(2)
That's why Nationwide Financial Services, Inc. (NYSE: NFS), has
enhanced its retirement plan offerings with Retirement Innovator(SM), a
program designed for defined contribution plans with fewer than $10 million
in assets.
"The Retirement Innovator(SM) program is a complete retirement plan
solution for small and start-up plans," said Bill Jackson, senior vice
president of Retirement Plans for Nationwide Financial. "Our goal is to
make it easier for plan sponsors to offer a workplace savings plan by
providing them with flexible products, excellent services and support from
local experts through our partnerships with investment professionals and
third party administrators (TPAs)," Jackson added.
"Simplicity and ease are consistent themes among plan sponsors. We know
that they want more personal interaction and services that will help them
effectively manage the administrative tasks associated with offering a
plan," said Jackson. "We also know that they are concerned about getting
superior service and flexibility at a competitive price. In response, we've
developed Retirement Innovator(SM)."
The new program offers:
A simple, comprehensive program for plan sponsors - Retirement
Innovator(SM) makes it easy for small defined contribution plan sponsors to
implement a workplace savings plan by providing them with tools and
services traditionally reserved for larger plans, including resource-filled
Web sites; comprehensive educational materials; and Fiduciary Series, a
fiduciary risk management program designed to help plan sponsors understand
and manage their fiduciary responsibilities. Additionally, plan sponsors
have the option to receive personalized and interactive service from a
local investment professional and TPA.
Flexible options to meet the unique needs of every plan - The
Retirement Innovator(SM) program is a trust-based platform that offers a
wide range of investment options to ensure that plan sponsors get a plan
tailored to the individual needs of their participants. The program offers
access to more than 300 mutual funds from multiple fund companies, asset
allocation funds, managed accounts, self-directed brokerage and several
fixed account options.
Dedicated service and competitive pricing - Nationwide Financial's
retirement plans are designed to give investment professionals and plan
sponsors the support they need to help participants reach their retirement
goals. Now, Retirement Innovator(SM) offers small-defined contribution plan
sponsors and investment professionals access to the services they've come
to expect from Nationwide at a more competitive price.
"In developing this program, we worked with our investment
professionals and TPA partners to create a retirement plan program that
would meet the diverse needs of their small-business clients," Jackson
noted. "As the retirement landscape continues to change, placing greater
responsibility on the individual, we want to enable small-business owners
to offer a workplace savings plan, so that both they and their employees
are financially prepared for retirement," said Jackson.
For more information about the funds available, including all charges
and expenses, please consult a prospectus. Fund prospectuses and additional
information relating to your retirement plan can be obtained by contacting
your pension representative. Before investing, carefully consider the
fund's investment objectives, risks, charges and expenses. The fund
prospectus contains this and other important information. Read the
prospectus carefully before investing.
About Nationwide Financial(R)
Nationwide Financial Services, Inc. (NYSE: NFS), a publicly traded
company based in Columbus, Ohio, provides a variety of financial services
that help consumers invest 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.(3) For more information, visit
http://www.nationwide.com.
The Best of America(R) Retirement Innovator(SM) is a trust-based
platform. Trust programs and trust services are offered by Nationwide Trust
Company, FSB. Nationwide Investment Services Corporation, member NASD. In
MI only: Nationwide Investment Svcs. Corporation.
Nationwide, Nationwide Financial and the Nationwide Framemark are
federally registered service marks of Nationwide Mutual Insurance Company.
(1) SPARK Marketplace Update 2006
(2) SPARK Marketplace Update 2006
(3) Fortune Magazine, April 2006
Media Contacts:
Erica Lewis
614-249-0184
lewise6@nationwide.com
Carah Brody
614-677-0275
brodyc@nationwide.com
SOURCE Nationwide Financial Services, Inc.
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Related links:
http://www.nationwidefinancial.com/
http://www.prnewswire.com/comp/607050.html/
CONTACT:
Erica Lewis, +1-614-249-0184, or
lewise6@nationwide.com, or Carah Brody, +1-614-677-0275, or
brodyc@nationwide.com, both of Nationwide Financial Services,
Inc.
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