COLUMBUS, Ohio--(BUSINESS WIRE)--Nationwide and Savings Plus, the 457 and 401(k) retirement savings plans available to most State of California employees, announced today that Nationwide is returning as the plans’ defined contribution recordkeeper. Nationwide will also provide marketing and education services for the more than 192,000 participants. The new five-year agreement begins January 1, 2016.
“We are excited to once again have the opportunity to help the employees of the State of California prepare for their hard-earned retirement,” said Eric Stevenson, senior vice president of Nationwide’s public-sector retirement plans. “At Nationwide, the plan participant comes first, so we’re working closely with the staff at Savings Plus to provide California’s employees with the retirement planning tools and service that they deserve.”
Nationwide previously partnered with Savings Plus to administer its 457 and 401(k) plans for 12 years. Savings Plus chose to return to Nationwide because of their shared core value of helping participants and retirees achieve and maintain a healthier retirement future through personal attention, educational services, digital capabilities and retirement-planning tools.
Last year, the financial services research firm DALBAR recognized Nationwide in its first MobileINSIGHT Innovations report as the only retirement plan provider to achieve a level of “excellence” for its mobile-optimized, participant-facing website. Savings Plus plan participants will also have access to the My Interactive Retirement Planner, a personalized, comprehensive financial planning tool that allows employees to see how changes to contributions can affect their future retirement income.
Additionally, Nationwide won DALBAR’s 2014 Plan Participant Service Award for setting itself apart from competitors “by helping employees understand the benefits and importance of their retirement nest egg,” according to Kathleen Whalen, DALBAR’s managing director.
“For the last few years, we have committed a great deal of resources toward delivering best-in-class digital capabilities and service levels for participants’ benefit,” said John Carter, president of Nationwide’s retirement plan business. “The return of Savings Plus is one example of how that investment is keeping our business at the forefront of the industry. We’re thrilled to partner with Savings Plus once again.”
Today, Nationwide is the largest provider of public-sector retirement plans in the United States1. Its retirement plans business currently serves more than 2.1 million retirement plan participants in nearly 39,000 plans. Earlier this year, the business celebrated reaching $100 billion in assets under management.
Visit nrsforu.com for more information about the tools and services Nationwide provides to 457 plan sponsors and participants.
1Nationwide ranks first in total number of 457 plans administered, PLANSPONSOR 2015 Recordkeeping Survey.
Nationwide, a Fortune 100 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 a full range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.
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