COLUMBUS, Ohio, Oct. 25, 2016 /PRNewswire/ -- The City of Des Moines has selected Nationwide as its exclusive retirement plan provider. Nationwide will provide consolidated recordkeeping, marketing and educational services for the plan's 1,800 participants and $165 million in assets.
Currently nine providers, including Nationwide, serve the retirement needs of the city's workers. Moving participants to a single record keeper will lower both administrative and investment costs, which will all be passed on as savings to participants and help grow account balances for retirement.
"After a very competitive search process placing emphasis on service and value for the plan's participants, the city selected Nationwide," said Vincent Allegra, retirement plan consultant for Mesirow Financial. "Nationwide delivered the lowest cost proposal with the highest commitment to onsite employee education and resources. A comprehensive financial and retirement planning education initiative will begin in 2017. I would like to congratulate the City of Des Moines in taking the initiative to consolidate their multiple providers and add significant value to their participants."
The addition of Des Moines expands Nationwide's significant market share in the governmental retirement plans business. Nationwide serves as the retirement plan provider for nearly 1.6 million governmental workers who have saved more than $70 billion for retirement. The Des Moines contract is for 7 years. The goal is to transition the plan in early 2017.
"Nationwide has a long history of serving the retirement planning needs of America's workers, and we're excited to add the city of Des Moines to our growing list of retirement plan clients," said Eric Stevenson, vice president of public-sector retirement plans for Nationwide. "Our team is ready and committed to creating a successful partnership with the city and helping its employees successfully prepare for retirement."
Visit nrsforu.com for more information about the tools and services Nationwide provides to 457 plan sponsors and participants.
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; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.
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