State Teachers Retirement System of Ohio Chooses Nationwide Financial for Retirement Plan Services

Apr 26, 2001, 01:00 ET from Nationwide Financial Services, Inc.

    COLUMBUS, Ohio, April 26 /PRNewswire/ -- The State Teachers Retirement
 System of Ohio (STRS Ohio) has chosen Nationwide Retirement Solutions to
 service a defined-contribution option recently added to STRS Ohio's existing
 defined-benefit plan for public educators. Nationwide Retirement Solutions
 will provide education, administration and record-keeping services for the
 plan.
     "The State Teachers Retirement Board recognized that many beginning
 teachers were looking for more choice among retirement options and increased
 portability of their funds," said STRS Ohio Executive Director Herb Dyer.  "As
 a result, the Board requested changes to state law that directs us to
 establish a defined-contribution plan option for selected members by July
 2002.  With the assistance of Nationwide Retirement Solutions, we will be able
 to offer new members a choice between our defined-benefit and defined-
 contribution plans a year earlier."
     According to the three-year contract, Nationwide Retirement Solutions will
 provide record-keeping services, customer services, educational materials and
 seminars, plan administration, a customized Web site, and member and employer
 reports.
     "The kind of service STRS Ohio needs is exactly what Nationwide Retirement
 Solutions is structured to provide," said Nationwide Retirement Solutions
 President Duane Meek.  "We offer a combination of personal touch and high
 technology solutions customized to fit their particular needs."
     Beginning July 1, new teachers will have the option of choosing between
 three STRS Ohio plan options:  (1) the existing defined-benefit plan, (2) a
 defined-contribution plan, and (3) a combined plan with features of both the
 defined-benefit and defined-contribution plans.
     Approximately 19,000 individuals become members of STRS Ohio each year.
 Current members with less than five years of service credit as of June 30,
 2001, will be given a one-time option to move to a defined-contribution or
 combined plan from the defined-benefit plan.  Approximately 162,000 active and
 inactive Ohio teachers fall within this category.
     STRS Ohio will continue to manage the assets in all plans, which exceed
 $50 billion.
     Nationwide Retirement Solutions is one of the country's largest service
 providers for public sector retirement plans. A subsidiary of Nationwide
 Financial, it provides customized solutions to employer-sponsored retirement
 investing plans for public and non-profit organizations.
     Nationwide Financial Services, Inc. (NYSE:   NFS), based in Columbus, is a
 leading provider of annuities, life insurance, retirement plans, mutual funds,
 and other financial services for individuals and institutional clients.  Its
 principal holding, Nationwide Life Insurance Company, is among the country's
 10 largest life insurers(1). Nationwide Financial, with assets under
 management of $111 billion in 2000, is the retirement savings and income
 operation of Nationwide, a leading provider of diversified insurance and
 financial services.  Nationwide is ranked #127 on the Fortune 500.
 
     (1) A.M. Best, based on 9/30/00 assets
                       MAKE YOUR OPINION COUNT -  Click Here
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SOURCE Nationwide Financial Services, Inc.
    COLUMBUS, Ohio, April 26 /PRNewswire/ -- The State Teachers Retirement
 System of Ohio (STRS Ohio) has chosen Nationwide Retirement Solutions to
 service a defined-contribution option recently added to STRS Ohio's existing
 defined-benefit plan for public educators. Nationwide Retirement Solutions
 will provide education, administration and record-keeping services for the
 plan.
     "The State Teachers Retirement Board recognized that many beginning
 teachers were looking for more choice among retirement options and increased
 portability of their funds," said STRS Ohio Executive Director Herb Dyer.  "As
 a result, the Board requested changes to state law that directs us to
 establish a defined-contribution plan option for selected members by July
 2002.  With the assistance of Nationwide Retirement Solutions, we will be able
 to offer new members a choice between our defined-benefit and defined-
 contribution plans a year earlier."
     According to the three-year contract, Nationwide Retirement Solutions will
 provide record-keeping services, customer services, educational materials and
 seminars, plan administration, a customized Web site, and member and employer
 reports.
     "The kind of service STRS Ohio needs is exactly what Nationwide Retirement
 Solutions is structured to provide," said Nationwide Retirement Solutions
 President Duane Meek.  "We offer a combination of personal touch and high
 technology solutions customized to fit their particular needs."
     Beginning July 1, new teachers will have the option of choosing between
 three STRS Ohio plan options:  (1) the existing defined-benefit plan, (2) a
 defined-contribution plan, and (3) a combined plan with features of both the
 defined-benefit and defined-contribution plans.
     Approximately 19,000 individuals become members of STRS Ohio each year.
 Current members with less than five years of service credit as of June 30,
 2001, will be given a one-time option to move to a defined-contribution or
 combined plan from the defined-benefit plan.  Approximately 162,000 active and
 inactive Ohio teachers fall within this category.
     STRS Ohio will continue to manage the assets in all plans, which exceed
 $50 billion.
     Nationwide Retirement Solutions is one of the country's largest service
 providers for public sector retirement plans. A subsidiary of Nationwide
 Financial, it provides customized solutions to employer-sponsored retirement
 investing plans for public and non-profit organizations.
     Nationwide Financial Services, Inc. (NYSE:   NFS), based in Columbus, is a
 leading provider of annuities, life insurance, retirement plans, mutual funds,
 and other financial services for individuals and institutional clients.  Its
 principal holding, Nationwide Life Insurance Company, is among the country's
 10 largest life insurers(1). Nationwide Financial, with assets under
 management of $111 billion in 2000, is the retirement savings and income
 operation of Nationwide, a leading provider of diversified insurance and
 financial services.  Nationwide is ranked #127 on the Fortune 500.
 
     (1) A.M. Best, based on 9/30/00 assets
                       MAKE YOUR OPINION COUNT -  Click Here
                  http://tbutton.prnewswire.com/prn/11690X75165595
 
 SOURCE  Nationwide Financial Services, Inc.