COLUMBUS, Ohio--(BUSINESS WIRE)--The board of the New York State Deferred Compensation Plan (NYSDCP) recently renewed Nationwide as its 457(b) plan provider for seven more years, extending a relationship that began in 2003. The new contract officially starts April 1, 2016.
“The employees of New York are better prepared to meet their retirement goals than they ever have been before,” said Eric Stevenson, senior vice president of Nationwide’s public-sector retirement plans business. “Nationwide has consistently demonstrated that it is able to deliver positive results through retirement planning tools and education services to the plan’s participants.”
Albany-based NYSDCP is available to all employees of the State of New York, and more than 1,400 local governments in the state choose to offer it to their employees.
During the 12-year relationship with Nationwide, NYSDCP assets have more than tripled, growing from $5.5 billion to $18.4 billion, and the number of plan participants has increased from 145,000 to 210,000. Today, the participant average account balance of $87,600 is nearly 50 percent more than the industry average1.
“As an American company, Nationwide uniquely understands the retirement savings needs and challenges of America's workers. We have spent the past 40 years helping them prepare for and live in retirement,” said John Carter, president of Nationwide’s retirement plan business. “We consider it an honor that the Board of the New York State Deferred Compensation Plan chose to extend our relationship so we can continue providing our expertise - and most importantly, our service - to the individuals and families serving the great state of New York.”
NYSDCP plan participants have access to personalized retirement support from nearly 50 Nationwide employees who live in New York. The most-used service is the HELPLINE (1-800-422-8463), a Troy-based center that takes an average of 20,000 calls per month and is open six days a week to answer questions and provide educational support.
Nationwide is the largest2 provider of public-sector retirement plans in the United States. Its retirement plans business serves more than 2.1 million retirement plan participants in nearly 39,000 plans. This month, the business celebrated reaching $100 billion in assets under management.
Visit www.NRSforU.com for more information about the services and tools that Nationwide provides to public-sector plan sponsors and participants.
1NAGDCA, Public Sector Defined Contribution Plan Survey Report, March 2015, http://www.nagdca.org/dnn/Portals/45/Surveys/2015%20NATIONAL%20SUMMARY%203.26.pdf
2Nationwide ranks first in total number of 457 plans administered, PLANSPONSOR 2014 Recordkeeping Survey.
About Nationwide
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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