|[January 15, 2013]
Nationwide Renews Retirement Plan Contracts with Maryland and Idaho
COLUMBUS, Ohio --(Business Wire)--
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
"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.
The general distributor is Nationwide Investment Services Corporation,
member FINRA. In Michigan only: Nationwide Investment Svcs. Corporation.
Life insurance is issued by Nationwide Life Insurance Company or
Nationwide Life and Annuity Insurance Company, Columbus, Ohio.
Nationwide, Nationwide Financial, the Nationwide framemark and On
Your Side are service marks of Nationwide Mutual Insurance Company.
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