Nationwide was recognized in PLANSPONSOR’s 2025 DC Survey: Plan Provider Service Ratings as a Best in Class DC Plan Provider. The company also earned Standout awards in the >$200MM - $1B and <$5MM plan size categories, respectively.

In the survey published earlier this year, plan sponsors rated their provider in four areas of service: 1) recordkeeping platform; 2) participant services; 3) plan sponsor services and support; and 4) investments and fees.

Beyond the three Best in Class awards, Nationwide Retirement Solutions associates Matt Gayman and Ninoska Metcalfe received individual PLANSPONSOR Service Star Awards. The program recognizes the retirement plan account representatives and relationship managers who, according to their plan sponsor clients, have demonstrated exemplary service.

“It is tremendously rewarding to see our team recognized based on feedback from our valued plan sponsors. Earning these awards validates that our partners recognize our commitment to customer centricity and delivering better outcomes for participants,” said Eric Stevenson, president of Nationwide Retirement Solutions. “And congratulations to our Service Star Award winners, Matt and Ninoska! Thank you for setting an exceptional example and bringing our values to life each and every day.” 

In a related recognition acknowledged during the 2025 PLANSPONSOR National Conference, Nationwide-supported City of Columbia, Missouri was named a 2025 Plan Sponsor of the Year Government DC Top 5 finalist. Columbia was specifically recognized as an early adopter of lifetime income solutions, helping participants build more secure futures.

Nationwide Retirement Solutions is a business within Nationwide, a Fortune 100 company based in Columbus, Ohio, that is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide Retirement Solutions administers nearly 32,000 retirement plans, helping protect nearly $200 billion in participant assets, and helping secure financial futures for over 2.7 million participants. Nationwide services the highest volume of Governmental 457 plans and demonstrated significant growth corporate 401(k) and not-for-profit 403(b) markets.¹ Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service.   

Visit nrsforu.com for more information about the tools and services Nationwide provides to retirement plan participants.  

Nationwide and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company © 2025 Nationwide  

¹ Plan Sponsor 2025 Recordkeeping Survey 

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According to a new survey from the Nationwide Retirement Institute, one in six investors across the country say they will be forced to move to a more affordable region in retirement. Led by those in the Northeast (41%) and West (37%), who often experience higher taxes, another 32% of all investors don’t believe their current location makes sense financially as a place to retire.

What’s more, 41% of non-retired investors across all regions say they now expect to retire at age 66 or later, with Northeasterners (47%) being slightly more likely to share this view. Additionally, 37% of non-retired investors across the U.S. would continue working in some capacity if they retired in the next 12 months to supplement their income out of necessity, with those in the South (39%) saying this more than any other region.

“It’s not surprising that investors across the country are feeling the pressure after living through the last few years of economic turmoil. Between inflation and a lack of savings, many of those closest to retirement are likely feeling like they don’t have enough to make a traditional retirement work,” said Eric Stevenson, president of Nationwide Retirement Solutions. “While we do see attitudes and actions vary depending on where someone lives, it’s wise for everyone to consider the value of working with an advisor or financial professional to make sure your long-term plan is tailored to your specific goals and needs so you can feel more confident about your financial future.”

With only 40% of non-retired investors across the nation currently paying to work with an advisor or financial professional, one of the best ways for the remaining 60% to boost their retirement confidence is to consider working with one to ensure they have the right plan in place, Stevenson added.

Advisors across the country share investors’ economic concerns, with 78% saying they are worried about a U.S. economic recession in the next 12 months. However, they are helping their clients prepare by tapping into solutions that protect against market risk, like annuities, with advisors in the Midwest (85%) and West (78%) leading in incorporating them into client plans.

Advisors are also helping their clients evaluate when they might be financially ready to retire in light of the current economic environment, discussing tax strategies and how to accumulate sufficient retirement savings. Prioritizing long-term care planning is another tactic advisors are discussing with clients across the country as they prepare for retirement.

“Advisors recognize and acknowledge investors’ long-term needs when it comes to financial security,” Stevenson said. “For those who are considering relocating, they can help you think about a wider variety of factors you should take into consideration before making a move, like how tax implications can change, whether your new location meets your healthcare needs and whether you will have adequate community support. They can also help you feel more confident about your retirement plans – regardless of where you live – by exploring solutions that can protect your savings and help you plan for income you won’t outlive. Those who may feel they can’t afford to work with a financial professional should explore resources offered by their employer-sponsored retirement plans. Many plans offer a variety of planning and educational tools, and a growing number are offering investment options that guard against volatility and guarantee income in retirement as well.”

Need to connect with a financial professional? Nationwide has a team of specialists ready to listen and learn about your unique insurance and financial needs.

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01/2025

As they consider whether or not relocating will improve their retirement finances, 32% of all investors do not believe their current location makes sense financially as a place to retire, led by those in the Northeast (41%) and West (37%) who often face higher tax burdens. About one in six investors (16%) across the country say they will be forced to relocate to a more affordable region due to cost of living in their area. Additionally, 41% of non-retired investors expect to retire at 66 or later, with Northeasterners (47%) being slightly more likely to share this view.

“While it’s clear that investors across America are facing many of the same challenges, their attitudes and actions may look a little different, depending on where they live,” said Eric Stevenson, president of Nationwide Retirement Solutions. “Between inflation and a lack of savings, many pre-retirees are likely feeling they don’t have enough to make a traditional retirement work. Our survey provides great insights to help advisors, financial professionals and plan sponsors across the country understand these investors and tailor their approach to meet their personalized needs.”

Investors in the Northeast Feel the Burden of High Living Costs
While many Northeastern investors remain optimistic about their retirement prospects, high living costs are prompting significant financial lifestyle changes before they leave the workforce.

Nearly half (46%) of Northeasterners describe their financial outlook for the next 12 months as optimistic. These investors indicated they had a median retirement savings of about $250,000. However, 20% expect to relocate to a more affordable region in retirement due to the cost of living, surpassing the national average of 16%.

One in four Northeastern investors (25%) anticipate working in retirement to supplement their income out of necessity due to cost of living, and 19% of non-retired Northeasterners say they might withdraw money from retirement savings prematurely to afford cost of living if they retired in the next 12 months.

According to Nationwide Retirement Solutions participant data across corporate, nonprofit and government sectors, some plan participants in the Northeast took potentially adverse actions with their 401(k) or 403(b) plans in 2024. Participants in this region had the second highest level of contribution stops and the lowest number of contribution increases among all regions.¹

Inflation, Smaller Nest Eggs Impact Retirement Confidence in the Midwest  
Inflation remains a key concern for Midwest investors, with only 41% saying they were optimistic about their 12-month financial outlook – the lowest of all regions. Survey respondents also reported the smallest nest eggs of about $200,000.

While Midwest investors may be the most pessimistic, they also are the least likely to make financial lifestyle changes – perhaps due to the generally lower cost of living and taxes in their region. Just 32% of Midwesterners say they plan to work beyond age 65 – the smallest share of any region. Only 11% expect the cost of living in their area to force them to relocate to a more affordable region for retirement, well below the national average.

Nationwide Retirement Solutions plan participants across corporate, government and non-profit sectors in this region had the highest level of contribution increases to defined contribution plans in 2024, likely positioning themselves for better financial security over time.¹

Southern Investors Confident but Expect to Work Longer
While 43% of Southern investors express an optimistic financial outlook for the next 12 months, they share many of the same concerns as the rest of the country.

Nearly three in 10 (27%) non-retired Southerners expect to delay retirement and 39% say they would need to continue working in some capacity to supplement their income if they retired in the next 12 months. Further, 62% believe the norm of retiring at 65 doesn’t apply to people like them, while 72% say living costs will impact their ability to retire. Southern survey respondents indicated they held a median retirement savings of $250,000.

Nationwide Retirement Solutions participant data across corporate, government and non-profit sectors shows participants in the Southern region were most likely among all regions to take hardship withdrawals from their 401(k) or 403(b) plans in 2024, a move that could have a long-term impact on their financial future.¹

Larger Savings Fuels Financial Confidence in the West

More than four in 10 (44%) investors in the West feel optimistic about their financial outlook in the next 12 months. What’s more, investors in this region indicated the highest median level of savings of all regions, at about $300,000.

However, inflation weighs on Western savers, with seven in 10 (69%) saying the cost of living will impact their ability to retire, and about 31% saying their current state or city is not the place they want to be in retirement.

Nationwide Retirement Solutions plan participant data across public, private and non-profit sectors shows Western savers took some potentially adverse actions in 2024, with higher levels of contribution stops and decreases in their 401(k) or 403(b) plans when compared to other regions.¹

Advisors Help Clients Prepare for Financial Challenges
Advisors across the country are bracing for financial adversity, with 78% expressing concern about a U.S. economic recession over the next 12 months. Inflation tops the list of client concerns over the next 12 months, cited by 34% of advisors, with regional variations: Advisors said inflation concerns among clients were highest in the Northeast and Midwest (36% each), followed by the South (34%), and West (29%).

Tax planning and retirement savings remain top priorities across regions. Advisors frequently discuss tax planning strategies (Northeast 33%, Midwest 37%, South 37%, West 33%) and accumulating sufficient savings to enter or stay in retirement (Northeast 27%, Midwest 31%, South 32%, West 33%) with their clients.

Advisors are also emphasizing retirement timing and long-term care with clients. They say they are frequently talking to clients about when they are financially ready to retire (41% West, 33% Northeast, 37% Midwest, 32% South), and considering long-term care solutions (34% West, 22% Northeast, 21% Midwest, 24% South).

Advisors are largely unified in the solutions they use to help clients protect their assets against market risk, widely using annuities, with advisors in the Midwest (85%) and West (78%) most frequently incorporating them into client plans.

“It’s good to see advisors tuned into the needs of their clients who are thinking about relocating in retirement. Advisors have an opportunity to help these clients consider factors like tax implications, healthcare needs and availability, and community support to make a more informed decision about whether or where they should relocate,” Stevenson said. “To help ease worries about long-term financial security, I'd also encourage advisors to continue exploring protection and income solutions like annuities. Many employer-sponsored retirement plans across the country are now offering solutions that protect against volatility and guarantee income in retirement as well. Advisors also have a great opportunity to help their plan sponsor clients understand the value of including these solutions as an investment option within their plan to help participants feel more confident about their financial future.”

The Nationwide Retirement Institute offers additional resources to help advisors facilitate conversations with clients.

For additional insights on this survey data, see our infographic.

Nationwide’s tenth annual Advisor Authority study powered by the Nationwide Retirement Institute^® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market.

About Advisor Authority: Methodology
The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 610 advisors and financial professionals and 2,496 investors ages 18+ with investable assets (IA) of $10K+, August 26-September 13, 2024. Among investors, there were 492 Northeasterners, 463 Midwesterners, 990 Southerners, and 551 Westerners. Among advisors, there were 135 Northeasterners, 137 Midwesterners, 195 Southerners, and 143 Westerners. The respondents were grouped into each region based on the state they indicated living in.

Regional cuts described in this study are defined as follows:

• Northeast: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, New Jersey, New York, Pennsylvania
• Midwest: Illinois, Indiana, Michigan, Ohio, Wisconsin, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota
• South: Delaware, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, Washington, D.C., West Virginia, Alabama, Kentucky, Mississippi, Tennessee, Arkansas, Louisiana, Oklahoma, Texas
• West: Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming, Alaska, California, Hawaii, Oregon, Washington

Respondents for this survey were selected from among those who have agreed to participate in our surveys.   The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data for advisors is accurate to within + 4.0 percentage points and for investors the sample data is accurate to within + 2.5 percentage points using a 95% confidence level.  This credible interval will be wider among subsets of the surveyed populations of interest. The sample data for the subset of pre-retiree investors age 55-65 who are not retired is accurate to within + 6.7 percentage points using a 95% confidence level. 

For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Kristen Vasas-Samson.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

In addition to recordkeeping and administrative services, Nationwide will provide participants with holistic financial planning services and access to the online My Interactive Retirement Planner^SM a personalized, comprehensive tool that presents a holistic view of their retirement readiness.

“Nationwide is proud to earn the City of Chandler’s recordkeeping business and equip their plan participants with the tools and resources necessary to achieve their retirement goals,” said Eric Stevenson, president of Nationwide Retirement Solutions. “Our award-winning customer service team looks forward to working with the City’s employees as they plan their financial future.”

Nationwide Retirement Solutions is a business within Nationwide, a Fortune 100 company based in Columbus, Ohio, that is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide Retirement Solutions administers nearly 32,000 retirement plans, helping protect nearly $200 billion in participant assets, and helping secure financial futures for over 2.7 million participants. Nationwide services the highest volume of Governmental 457 plans and significant growth corporate 401(k) and not-for-profit 403(b) markets.¹ Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service. 

Visit nrsforu.com for more information about the tools and services Nationwide provides to retirement plan participants. 
 

Nationwide and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company © 2024 Nationwide
 

¹ Plan Sponsor 2024 Recordkeeping Survey

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The Leadership Recognition Award winners were selected from nominations across five categories and judged on originality and measurable results. Nationwide-supported plans captured six of the 17 total awards which will be presented in September at the annual conference in Phoenix, Arizona.

• Maryland Teachers and State Employees Supplemental Retirement Plans (MSRP) was honored in the Plan Design & Administration category for its Catch the Match Campaign which promoted the State of Maryland’s Match bill and resulted in marked increases in enrollments, contributions, and rollovers for State employees.
• New York State Deferred Compensation Plan (NYSDCP) was recognized in the National Retirement Security Month category for its National Retirement Security Campaign that delivered action-oriented resources for participants and tools that participating state employers could leverage to help their employees rebuild confidence in their finances.
• Ohio Deferred Compensation won in the Participant Education & Communication category for its Enhanced Webinar Education Campaign which leveraged new, engaging content to drive a significant surge in workplace meeting participation.
• State of California Savings Plus received two awards. The State’s Virtual Adventure Center was recognized in the Holistic Financial Wellness category for its 3D virtual benefit fair to provide participants timely education and guidance on a wide breadth of financial and retirement topics. The State’s Participants Save Campaign won in the Participant Education & Communication category for its proactive efforts to provide targeted guidance and resources to help participants get back on track to meet to meet their retirement goals. 
• State of Indiana won in the Participant Education & Communication category for its Hoosier START Beneficiary Campaign that was launched to raise awareness about beneficiary designation, educate participants, and guide them on how to update their beneficiary information routinely.

“Congratulations to our clients who received a 2024 NAGDCA Leadership Recognition Award, recognizing the brightest ideas and most innovative solutions across the public sector defined contribution industry,” said Eric Stevenson, president of Nationwide Retirement Solutions. “The Nationwide Financial Retirement Solutions team is proud to partner with these public sector organizations, and many others across the country, to help more workers achieve a dignified financial future.”

Nationwide Retirement Solutions is a business within Nationwide, a Fortune 100 company based in Columbus, Ohio that is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide Retirement Solutions administers nearly 32,000 retirement plans, helping protect nearly $200 billion in participant assets, and helping secure financial futures for over 2.7 million participants in the governmental 457, corporate 401(k) and not-for-profit 403(b) markets. Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service. 

Visit nrsforu.com for more information about the tools and services Nationwide provides to retirement plan sponsors and plan participants. 

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In the past year, adoption of Nationwide’s in-plan protected retirement solutions has skyrocketed. As of the end of the first quarter of 2024, 6,931 plans offered in-plan protected retirement solutions supported by Nationwide with $4.95 billion in assets under management (AUM) for 64,372 participants who have adopted a protected retirement investment solution. That’s up from 1,042 plans, $1.14 billion in AUM and 52,314 participants a year ago, representing a 565% increase in plans, a 367% increase in AUM and 23% increase in participants year over year.¹

Much of this growth is being driven by plan sponsors that choose to offer an in-plan protected retirement solution as a default fund for participants. Based on positive feedback from these plan sponsors, Nationwide will build on this success with the introduction of a new Dynamic Default feature.

“We’re really starting to see a lot more employers become more comfortable offering protected retirement solutions, and we believe offering them through dynamic default will be the next generation of retirement plan auto features,” said Eric Stevenson, President of Nationwide Retirement Solutions. “Employers are recognizing that their participants want and need help translating their savings into retirement security. The key is not just making these solutions available, but making them automatic for employees who don’t know where to start. Auto-features for enrollment and escalation of contributions have been tremendously successful in driving greater retirement preparedness across the industry. Our Dynamic Default feature will build on this success to support even greater retirement security for plan participants.”

Embarking on the third era of the American Retirement System
For decades, defined benefit (DB) plans, or pensions, were the retirement plan of choice for employers and helped ensure workers had enough income in retirement. When DB plans began to decline based on companies no longer being able to carry the financial risk, America entered the second era of its retirement system: defined contribution (DC) plans, common examples being 401(k)s and 457(b)s. Now, as retirement uncertainty rises and Americans increasingly worry about outliving their savings, Nationwide is helping to usher in a third era by providing a pension-like stream of income to workers automatically through Dynamic Default within DC plans.

A 2023 Nationwide Retirement Institute survey found nearly three-fourths (73%) of employees ages 45+ who participate in 401(k) plans wish they were offered a pension-like income stream within their employer-sponsored plan.

“Our protected retirement solutions marry some important benefits of both DB and DC offerings to offer plan sponsors next-level retirement benefits and participants the tools they need to retire with confidence,” adds Stevenson. “To address the U.S. retirement crisis and make retirement security table stakes for all working Americans, this type of industry innovation is necessary to bring us into this imperative third era.”

The industry is starting to take notice. A new whitepaper from Ernst & Young documents how these solutions can help participants retire with more confidence and help employers by increasing asset retention, participation satisfaction and employee loyalty.

In fact, the City of Columbia in Missouri recently added one of Nationwide’s protected retirement solutions, NCIT American Funds Lifetime Income Builder Target Date Series, as part of the Dynamic Default feature for its participants.

“The average pension benefit for our employees varies, due to the amount of time they spend with the City, and that could cause a shortfall in retirement income needs,” said Matthew Lue, Director of Finance for City of Columbia. “That’s why we felt a need to help our participants close the retirement income gap by offering a plan that automatically helps them not only save for retirement, but also liquidate those accumulated assets into protected retirement income.”

More about Nationwide’s new Dynamic Default
Nationwide’s Dynamic Default feature begins when a participant enrolls in the plan, either on their own, or through auto-enrollment. If the participant fails to select their own investment, they will be placed into an initial default fund and their assets will remain there unless they take action. Since many investors don’t have the time, expertise or confidence to make these types of decisions, a large percentage view the default as a simple and easy way to choose an investment with the help of their plan fiduciary. Lastly, participants will transition from the initial default fund - likely an investment primarily focused on growth opportunity - to a second default investment, like a protected retirement solution as they near retirement (around age 50, for example).

“We know that investing for the long-term means managing longevity and market risk, and retirement plan participants want more help from their employers – particularly as they get closer to retirement,” said Cathy Marasco, leader of Nationwide’s Protected Retirement team. “While defaulting new participants into an investment option upon enrollment is a great first step, there is no one-size-fits all solution, so it makes sense that participants may need to transition to a different type of investment as they age and face the risks of market volatility or outliving their retirement income. And we know that defaults work. Historically, 8 in 10 participants have entered default options when offered, and 70% remain in that option five years later.”²

Employees are ready to adopt in-plan protected retirement solutions
When asked what would most increase their confidence in their retirement plan and financial investments, 55% of respondents in Nationwide’s 2023 survey indicated ‘guaranteed income options.’ Nearly 9 in 10 employees ages 45+ (87%) say they would be at least somewhat likely to rollover their retirement savings into a guaranteed lifetime income investment option if they had the ability.

More information about Nationwide’s protected retirement solutions:

• For financial professionals
• For plan sponsors

¹  These numbers include assets from a recordkeeper and insurer perspective.
²  Approximate numbers shown for defaults when offered as a target date fund; “Made to Stick: The Drivers of Default Investment Acceptance in Defined Contribution Plans”, Morningstar, 2020Guarantees are subject to the claims-paying ability of the issuing insurance company.
Provisions of these options may vary based on plan selection and/or by state regulation. These investment options may not be available in all states.
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View a replay of the committee meeting
View Stevenson’s written testimony

In a year when more Americans will turn 65 than any point in history, Stevenson highlighted how many of today’s retirees are facing retirement without guaranteed lifetime income or a gameplan for decumulating the savings they built over the course of their careers. In fact, a new Nationwide Retirement Institute® survey¹ found one-third of current retirees aged 60-65 are considering returning to work, with half (50%) citing the fear of running out of money or currently running out of money as their top reason for doing so. 

He applauded many of the advances made possible by the SECURE Act of 2019 and SECURE 2.0 Act of 2022, highlighting how these policy changes are making it easier for employers to integrate Protected Retirement solutions into their plans. Workers with access to these solutions can choose to invest in them, knowing what their guaranteed income will be upon retirement.

He also encouraged more employers to take advantage of opportunities created by SECURE Act legislation by offering Protected Retirement solutions, implementing student loan matching and offering emergency savings provisions for their employees.

Stevenson’s testimony included support for several pieces of pending bipartisan legislation that will support a more secure retirement for American workers, including:

• The Helping Young Americans Save for Retirement Act, which would require employer-sponsored plans to allow 18–21-year-old employees to participate
• The Auto Re-enroll Act of 2023, which would further enhance enrollment in retirement plans
• The Retirement Fairness for Charities and Educational Institutions Act of 2023, which would permit 403(b)(7) custodial accounts to invest in CITs
• The Lifetime Income for Employees Act (LIFE Act), which expands the ability for annuitized products to be offered as qualified default investment alternatives (QDIAs) within employer plans. 
• The Credit for Caring Act, which would provide caregivers with a tax credit that offsets some of the cost of providing care.  
• The Expanding Access to Retirement Savings for Caregivers Act, which would enable catchup contributions to caregivers before age 50, providing one year of additional catchup contributions for each year the caregiver was out of employment due to their role.  

¹Peak Retirement Survey (1/2024)
Guarantees are subject to the claims-paying ability of the issuing insurance company.
Provisions of these options may vary based on plan selection and/or by state regulation. These investment options may not be available in all states.

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Two retirement plans supported by Nationwide are standing out from the pack for their award-winning participant campaigns. The City of Seattle and San Joaquin County were selected as recipients of 2023 Leadership Recognition Awards from the National Association of Government Defined Contribution Administrators (NAGDCA). Nationwide Retirement Solutions proudly partnered with both plans to help drive outcomes for their participants.  

The Leadership Recognition Award winners were selected from nominations in five categories and chosen for originality and measurable results. NAGDCA recognized the City of Seattle, San Joaquin County and 15 other plan sponsors during an awards ceremony at its annual conference this week.

“Congratulations to the City of Seattle and San Joaquin County for their ongoing commitment to helping plan participants reach their retirement goals,” said Eric Stevenson, president of Nationwide Retirement Solutions. “We all share the same passion for helping our participants achieve better outcomes in retirement, and these impactful campaigns are a testament to that.”   

The City of Seattle was recognized in the Participant Education and Communication category for their creative In-Language Campaign. Knowing that one in five Seattle residents speak a language other than English at home, the City of Seattle wanted to ensure that all participants had access to education on their retirement plan benefits. Focusing on five languages that best fit their diverse employee base, the City created specialized campaigns to connect with participants. Their campaign also earned NAGDCA’s Art Caple President’s Award for championing a participant-first mentality to help build financial security for their employees.

“By partnering with Nationwide, we are able to create extraordinary solutions for our participants via aligning strategic priorities to drive conversion through exceptional digital experiences,” said Michelle Ell, deferred compensation manager for the City of Seattle.  

San Joaquin County was recognized in the Technology and Cybersecurity category for their innovative Virtual Financial Wellness Courtyard event. The County transitioned to Nationwide in May of 2022 and wanted participants to become more familiar with a new Nationwide website and resources that also aligned with their hybrid workplace. The successful virtual event drove education and engagement by utilizing technology to inspire participants to enroll, increase contributions, or rollover their retirement plan.

“San Joaquin’s Deferred Compensation Advisory Committee and County staff work hard to engage our employees in learning and taking advantage of their 457(b) Plan.  We are grateful for the partnership and innovation from Nationwide and their continued collaborative partnership with San Joaquin,” said Tami Matuska, employee benefits manager for San Joaquin County. “The virtual courtyard was a fun technology solution to proactively connect employees with our new Nationwide custom website, online tools, resources and to meet with their local Nationwide Rep. The virtual event inspired many employees to take actions for their financial future. I’m proud of our San Joaquin virtual event and the results achieved.”

Andee Gravitt to lead NAGDCA Industry Committee
Additionally, Nationwide’s Andee Gravitt was also recognized at the annual NAGDCA Conference for her new role as president of the Industry Committee. In this role, she will lead the committee to promote legislative priorities, provide input to the annual conference and support and guidance to the NAGDCA executive leadership team as a voting member for the Executive Committee. 

 Visit nrsforu.com for more information about the tools and services Nationwide provides to retirement plan sponsors and plan participants. 

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This is the fourth consecutive year in which Nationwide was recognized by DALBAR with this distinction as a “customer service powerhouse.”

“Earning this recognition from DALBAR affirms our ongoing commitment to plan sponsors and participants delivered by our superior team and innovative technology,” said Eric Stevenson, president of Nationwide Retirement Solutions. “As retirement savers weather the impacts of market volatility and inflation, we remain committed to delivering award-winning service and support for our customers in whatever way they prefer to work with us.”

Nationwide’s eligibility for this award was driven by excellence in service delivered by the company’s retirement contact center, private-sector web portal, public-sector portal, mobile apps and websites. All of these interactions met or exceeded DALBAR’s stringent award criteria during a year-long audit.

“Top of mind for Nationwide is ensuring that regardless of the path taken to connect with the firm, the result is a delighted customer. This is evidenced by the laser focus on making ongoing improvements to the already highly positive service experience,” said Shelley Eramo, director at DALBAR.

In an increasingly digital world, collaboration with partners from the Nationwide Technology team help Nationwide Retirement Solutions continue to provide a smooth customer experience. Whether helping participants monitor their progress towards meeting retirement goals or simplifying a complex topic through a digital tool, technology capabilities enable efficient connections.

This award closely follows Nationwide winning DALBAR’s 2022 Plan Participant Service Award for phone service for the ninth consecutive year. Nationwide Retirement Solutions administers nearly 32,000 retirement plans, helping protect more than $165 billion in participant assets as of Dec. 31, 2022, and helping secure financial futures for over 2.7 million participants in the governmental 457, corporate 401(k) and not-for-profit 403(b) markets. Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service.

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Nationwide continues to believe that in-plan guarantees are not a one-size-fits-all solution. Now the company provides two ways for plan sponsors and participants to access Income America 5ForLife, a series of bank-maintained collective investment funds for which Wilmington Trust, N.A. is trustee.

Income America 5ForLife in Managed Accounts: Starting this month, Income America is available as an investment option to the managed account programs on the Nationwide platform, starting with Nationwide ProAccount®. This provides a great new solution for the “do-it-for-me” investor that wants advice on how to invest their retirement plan assets, but needs help in determining an appropriate allocation to a guaranteed lifetime income investment option.

Income America 5Forlife Target Date Series: The Income America 5ForLife Target Date Fund Series that launched in 2021 continues to be available. Participants can contribute to or transfer assets into one of these funds, which are a great option for plans and participants looking for a simplified “help-me-do-it” solution built into a target date fund. According to Nationwide’s 2022 survey, more than half of participants are interested in guaranteed lifetime income investment options as part of a target date fund.

“When the SECURE Act of 2019 opened the door for the expansion of in-plan guarantee solutions, we were among the first to market with a suite of products to help participants protect their assets and convert their savings to income in retirement,” said Eric Stevenson, president of Nationwide Retirement Solutions. “Since then, we have been helping plan sponsors, financial professionals and consultants understand how protected retirement solutions like in-plan guarantees may be a fit for participants’ needs. These efforts are really starting to pay off with the traction in adoption starting to occur.”

Nationwide’s 11-year in-plan guarantee journey
Nationwide has been in the in-plan guarantee market as an insurer for over 11 years. In 2021, the company began introducing a suite of income solutions available through the company as a recordkeeper. Today, the company manages $1.4 billion in-plan guarantee assets for more than 5,500 plans.

Nationwide is growing adoption of these solutions by:

• Delivering participant education through enrollment and ongoing touchpoints
• Offering investment advice through Nationwide’s managed account solution, ProAccount
• Working with plans to set the solution as a default investment (QDIA)

Interest in in-plan guarantees continues to grow
“The recent economic environment has driven greater interest in solutions that offer protection in retirement – whether that’s providing downside protection or helping ensure participants can turn their savings into a stream of income they won’t outlive,” Stevenson said.

According to Nationwide’s 2022 survey, more than four in 10 employees (41%) would likely roll over retirement savings into a guaranteed lifetime income investment option if they were able to. Plan sponsors reported high levels of favorability (75% private sector and 86% government) and comfort (64% private sector and 73% government) with the addition of guaranteed lifetime income investment options within employer-sponsored retirement plans.

Nationwide Retirement Solutions administers nearly 32,000 retirement plans, protecting more than $165 billion in participant assets as of Dec. 31, 2022, and helping secure financial futures for over 2.7 million participants in the governmental 457, corporate 401(k) and not-for-profit 403(b) markets. Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service. 

The 2023 Eddy Awards highlighted how plan sponsors are using technology to improve employee communication and education, particularly in a post-pandemic world. Pensions & Investments recognized 57 defined contribution campaigns for communications excellence at its annual DC East Conference. 

“Congratulations to the County of San Diego and Maryland Supplemental Retirement Plans for their ongoing commitment to helping plan participants reach their retirement goals,” said Eric Stevenson, president of Nationwide Retirement Solutions. “We all share the same passion for setting up participants for better outcomes in retirement, especially during times of market volatility.”  

The County of San Diego Deferred Compensation Program earned first place in the Ongoing Investment Education category for their Investing Learn to Earn virtual event. The session helped participants understand asset allocation strategies that may be best suited for them, while promoting program awareness, enrollments and contribution increases.  

“Multiple partners played pivotal roles in bringing forth such a fun and innovative experience to participants, who returned again and again to learn about investing and asset allocation. Our core County and Nationwide marketing and field teams spent countless hours facilitating, creating, recording, reviewing, and promoting the event,” said Phillip Blair, manager at County of San Diego Deferred Compensation Program. “We are thankful to collaborate with our team at Nationwide which consistently develops creative and original ways to engage participants, and in turn increases the recognition of the Program and improves retirement outcomes for County employees.” 

MSRP placed second in the Participant Education & Communication category for a creative Tortoise & Hare themed campaign to encourage plan participants to reach their $100k retirement milestone.  

“We are grateful for the innovative team at Nationwide and their continued collaborative partnership with MSRP,” said Ronda Butler Bell, executive director and board secretary for MSRP. “Our Member Services Team is visionary and consistently produces outstanding educational initiatives for our plan participants as well as state employees who have yet to enroll. Our team combined with the Nationwide team is the reason why MSRP continues to win Eddy awards. It's a winning combination!”  

Visit nrsforu.com for more information about the tools and services Nationwide provides to retirement plan participants.  

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As a leader in providing phone support for retirement plan participants, Nationwide was awarded the 2022 Plan Participant Service Award from DALBAR, a financial services market research firm. This is the ninth consecutive year in which Nationwide was recognized by DALBAR with this distinction. 

“Earning this recognition again affirms our ongoing commitment to helping plan participants reach their retirement goals, demonstrated by our superior service,” said Eric Stevenson, president of Nationwide Retirement Solutions. “Our recent survey found 40% of workers are expecting to delay their retirement due to high inflation, so it’s more important than ever to continue to provide exceptional retirement solutions support and an extraordinary customer experience.” 

To earn this prestigious DALBAR award, companies must undergo a thorough and independent year-long audit looking at the quality of contact center interactions. Award eligibility is determined by a review of actual customer interactions against detailed criteria based on superior service standards and industry best practices. 

DALBAR’s criteria cover all aspects of the customer experience, including both the interpersonal relationship and the transactional elements. 

“Nationwide’s service levels for plan participants are unmatched. And when we think about how employer sponsored plans work, we come to the quick realization that the plan participants are not the only beneficiaries of this outstanding service. The plan sponsors benefit from exceptional service to participants as well. It saves their HR department time and makes participants more likely to stay in and contribute to the plan,” said Cory Clark, chief marketing officer at DALBAR, Inc.    

DALBAR is a leading independent auditing and ratings organization for the financial community. To earn this award, companies undergo a year-long independent audit that examines the quality of interactions between the contact center and customers, with an eye on superior service standards and industry best practices. 

Additional information about Nationwide’s award-winning service can be found here. 

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• Recent spikes in inflation and market volatility have made it harder for millions of Americans to achieve a secure retirement.
• New bipartisan legislation will help by increasing access to employer sponsored retirement plans and removing barriers preventing many Americans from saving more.
• Nationwide highlights key provisions of SECURE 2.0 likely to be most impactful.

American retirement security has been under increased pressure as market volatility and inflation have ravaged the retirement confidence of millions of Americans in the wake of the pandemic. Recent Nationwide Retirement Institute® surveys found one-in-five older Americans have delayed or canceled their retirement due to the pandemic and 1-in-10 report reducing contributions to their 401(k) to help manage expenses in today’s inflationary environment¹.  

The SECURE 2.0 Act of 2022 passed by Congress on Dec. 23 as part of the FY 2023 omnibus package could make a meaningful difference in helping more Americans address this adversity and improve their retirement outlook. Leaders at Nationwide – one of the largest insurance and financial service providers in the United States – are applauding this bipartisan legislation as a significant step forward for our retirement system and powerful continuation of the momentum created by the SECURE Act of 2019.

“SECURE 2.0 provides significant enhancements that will create greater access to workplace retirement plans, which is a leading indicator of retirement preparedness and critical to retirement security,” said John Carter, President and COO of Nationwide Financial. “This legislation removes barriers that keep American workers from having access to savings plans or contributing to these benefits due to complexity and competing priorities like student loan debt repayment or the need to set aside emergency savings. Lawmakers on both sides of the aisle should be commended for coming together to help this important legislation cross the finish line at a time when it’s urgently needed.”

Nationwide was supportive of the entire package of legislation, highlighting several key provisions which are likely to deliver immediate impact:

• An enhanced start-up and employer match tax credit that increases the tax credit allowance to 100% of employer retirement plan startup costs to be utilized in the year of credit for employers with 50 or fewer employees. This represents a 50% increase over previous state. The provision also provides a new, additional credit for small employer contributions made to a qualified plan.
• Improved long-time, part-time worker benefits allowing workers with two years of consecutive part-time service to participate in employer-sponsored 401(k) plans – reduced from today’s three consecutive year requisite.
• New student loan matching opportunities for employers that allows plans to help younger workers avoid the costly financial choice of paying against educational debt in lieu of employer-matched retirement contributions.
• The Enhancing Emergency and Retirement Savings Act that enables workers to tap into retirement savings for emergency expenses without penalty. This provision addresses a key reason why some workers choose not to participate in their workplace retirement plan – the fear that they won’t be able to access their money if they need it for a short-term emergency.
• Removal of antiquated administrative roadblocks to offer greater flexibility for 457(b) government plan participants by allowing them to adjust their deferral elections.  

“We’ve seen firsthand how the current environment is impacting participants in retirement plans we support,” said Eric Stevenson, President of Nationwide Retirement Solutions, which administers nearly 34,000 plans, protecting more than 2.6 million participants². “Our public sector participants are exhibiting a significant increase in ‘negative behaviors’ which can threaten long-term retirement security. Specifically, contribution decreases are up 31%, contribution stops are up 17% and withdrawals due to unforeseen emergencies are up 25% year over year³. Elements of SECURE 2.0, which improve access and reduce leakage will help address these negative trends.”

SECURE 2.0 builds on the success of the SECURE Act of 2019. According to a Nationwide Retirement Institute survey⁴, advisors and financial professionals confirmed their clients took advantage of the SECURE Act of 2019 by updating their retirement plans (50%), saving more in general (48%), increasing their retirement account contributions (48%) and increasing their emergency savings (47%). A key provision of the SECURE Act of 2019 also helped drive greater access to guaranteed retirement income within employer-sponsored plans. This opened the door for Nationwide to introduce a full suite of in-plan guarantee investment solutions that provide guaranteed retirement income and protection from market volatility.

¹ Nationwide Retirement Institute Inflation Flash Poll, Feb. 2022
² As of Dec. 2021
³ Nationwide Retirement Solutions participant data, May 2021-May 2022
⁴ Nationwide Retirement Institute survey of advisors and financial professionals, Feb. 2021

Federal income tax laws are complex and subject to change. The information presented here is based on current interpretations of the law and is not guaranteed.

Nationwide and its representatives do not give legal or tax advice. An attorney or tax advisor should be consulted for answers to specific questions.

Guarantees are subject to the claims-paying ability of the issuing insurance company.

Nationwide Investment Services Corporation (NISC), member FINRA, Columbus, Ohio. The Nationwide Retirement Institute is a division of NISC.

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To help retirement plan participants with this challenge, Nationwide has enhanced its My Interactive Retirement Planner℠—a personalized, retirement readiness tool that provides a holistic view of retirement by adding Detailed Income View providing a clearer year-by-year estimate of how savings could translate to income in retirement.

Nationwide partnered with NewRetirement, a company that offers a comprehensive financial planning engine delivered via white label or API. NewRetirement delivers a combination of automated financial planning technology and educational services focused on bringing financial wellness to the mass market in customizable ways. The company provided the necessary backend engine to power the overall calculations in Nationwide’s Detailed Income View.

 The new Detailed Income View offers a number of helpful features for participants:

• Displays participants’ planned expenses by year and how their assets could support them
• Highlights any potential income shortfall vs. planned expenses by year
• Displays retirement income by source
• Incorporates taxes as part of the income calculation
• Includes updated inflation projections

“We partnered with NewRetirement and designed these enhancements to deliver better projections so participants can see what their retirement budget might look like,” said Eric Stevenson, president of Nationwide Retirement Solutions. “It’s critical that we continuously engage with plan sponsors and their participants to help them think about more than just accumulating savings. It’s just as important to help retirement savers think about how their savings will translate to income in the decumulation stage.”

The added Detailed Income View shows how a participant's assets could be distributed over time and illustrates how retirement income sources, including outside investments, retirement plan accounts, Social Security and pensions work together—even highlighting years where there may be a shortfall or surplus of retirement income. This information is powerful in helping to make more informed decisions.

The improved calculation now considers future tax rates, includes an enhanced inflation calculation and continues to provide hypothetical rates of return to help provide a more specific retirement outlook.

No personal identifiable information is shared with NewRetirement. Nationwide delivers a scenario based on information provided by the plan participant. NewRetirement then returns the information for a detailed income view for that scenario.

My Interactive Retirement Planner currently has over 2 million active participants, as of August 23, 2022.

My Interactive Retirement Planner℠ is a hypothetical compounding example and is not intended to predict or project investment results of any specific investment. Investment return is not guaranteed and will vary depending upon your investments and market experience. Assumptions do not include fees and expenses. If fees were reflected, the return would be less.

My Interactive Retirement Planner is a service mark of Nationwide Life Insurance Company. © 2022 Nationwide

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“I’m humbled and grateful to be included on a list of so many inspiring leaders,” said Eric Stevenson, president of Nationwide Retirement Solutions. “In pursuing our mission to help more Americans achieve a secure retirement, I hope to also empower and encourage those that see this list to believe that they too can reach their goals and see that financial services present a great opportunity.”

Stevenson’s cross-functional leadership skills and financial discipline have led to sustained success for Nationwide Retirement Solutions. His ability to orient firms towards customer centricity and operational excellence has led to top quartile performance for the business with $200B in assets under management.

"I’m both proud and honored to receive this recognition,” said Vinita Clements, Nationwide’s chief HR officer. “Nationwide’s efforts to champion diversity and create an inclusive culture show our values in action and help create a workplace where each of our associates can thrive. It’s why I’m passionate about helping the next generation of leaders reach their potential through mentorship, formal programs and everyday opportunities.”

Clements provides strategic and operational leadership for Nationwide’s overall Human Resources strategy and its 25,000 employees, ensuring Nationwide has the talent to deliver on its mission. Under her leadership, the company has achieved historic levels of engagement and continues to be recognized as an employer of choice for its strong culture, performance orientation and commitment to diversity, equity and inclusion.

Savoy magazine is a national publication covering the power, substance and style of African American community that showcases and drives positive dialogue about Black culture.

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DALBAR, an independent financial auditing and ratings organization in business nearly 50 years, has recognized Nationwide Retirement Solutions with its Customer Experience Excellence Award.

“It’s validating to be recognized by DALBAR for our teams who deliver extraordinary care and excellent service to our plan sponsors and participants every day,” said Eric Stevenson, president of Nationwide Retirement Solutions. “Marking our third consecutive win in this category, we remain committed to continuing to invest in and evolve across its digital and contact centers to deliver award-winning experiences for our customers in the ways they prefer to work with us, long into the future.”

Nationwide has won the award for all three years DALBAR has had that category.

The award closely follows Retirement Solutions winning DALBAR’s Participant Plan Service Award for phone service for the eighth year in a row. This latest Customer Experience Award recognizes a superior cross-channel experience including phone, mobile and internet, given consumers’ expectations today of being able to get help whenever and however they want.

“One really important aspect in planning for a successful retirement is having the right tools and support at your disposal. This is one area where Nationwide really excels. They have excellent 24/7 access through their award-winning websites, a great mobile app for people on the go, and the best telephone support for plan participants we have seen,” explains DALBAR Director Brendan Yeager.

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DALBAR, a financial services market research firm, recently announced that Nationwide Retirement Solutions has earned the 2021 Plan Participant Service Award for outstanding phone support for retirement plan participants. This is the eighth consecutive year in which Nationwide was recognized by DALBAR with this distinction.

“Earning this recognition from DALBAR for the eighth consecutive year is a testament to how our values translate to service, demonstrated by our ongoing commitment to helping plan participants reach their retirement goals,” said Eric Stevenson, president of Nationwide Retirement Solutions. “Our associates are best in class on being accessible to plan participants when they need us most to provide the best guidance, even in moments of fear or uncertainty. The tireless efforts of our operations team led by Wendy Shaw and her team and our internal sales and service team led by Kevin Jestice for their outstanding support to our plan sponsors and their participants, especially during the ongoing pandemic are applauded.”

To earn this prestigious DALBAR award, companies must undergo a thorough and independent year-long audit looking at the quality of contact center interactions. Award eligibility is determined by a review of actual customer interactions against detailed criteria based on superior service standards and industry best practices.

DALBAR’s criteria cover all aspects of the customer experience, including both the interpersonal relationship and the transactional elements.

DALBAR is a leading independent auditing and ratings organization for the financial community. To earn this award, companies undergo a year-long independent audit that examines the quality of interactions between the contact center and customers, with an eye on superior service standards and industry best practices.

“The quality of the service that participants receive when they call their retirement plan provider is always important, especially over the past two years with the uncertainty related to the pandemic and the financial hardship faced by so many Americans,” says Brendan Yeager, director of DALBAR. “Nationwide rose to the challenge, providing the same world-class service that their customers have come to expect.”

More information about the award can be found in this DALBAR press release.

Additional information about Nationwide’s award-winning service can be found here.

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With a distinguished career spanning more than 20 years, Hawley is an innovator and a tenured financial services industry leader, with demonstrated commitment to creating greater value for advisors and their practice. Hawley most recently led Nationwide’s Annuity Distribution team, evolving the team to optimize territory coverage, drive down acquisition cost and gain market share in every sales territory. His strategic leadership helped drive record sales results for the Nationwide Annuity business in 2021.

“This transition is exciting and incredibly positive for Nationwide,” said Eric Stevenson, President of Nationwide Retirement Solutions. “By adding a proven leader like Craig to our team, we’re in a strong position to build on our strengths as a leading provider of Retirement Solutions, Annuities and now In-Plan Guarantees. Craig is widely known within Nationwide and across the financial services industry as disciplined, innovative and a champion for strategic sales growth for both our company and our distribution partners.”

Prior to leading Annuity Distribution, Craig oversaw Nationwide’s innovative fee-based annuity distribution channel, serving a network of more than 6,000 Registered Investment Advisors (RIAs) and fee-based advisors. During his time at Nationwide Advisory Solutions (formerly Jefferson National), he helped shape the company into a recognized innovator of financial products and services for RIAs, fee-based advisors, and the clients they serve.

Outside of work, Craig serves as a director for both Dare to Care and the University of Louisville Real Estate Foundation. 

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The TDF Series is financially engineered to deliver a total income of 6% at the projected retirement start date. It leverages several of American Funds’ proprietary funds, distinctive investment management, and 90-year history of helping investors secure their financial futures. The underlying mutual funds are actively managed for growth and/or income opportunity by 64 portfolio managers who average 25 years of experience¹.

“Our product development philosophy is centered on the participant, and this latest offering rounds out our suite of in-plan guarantee solutions which are all designed to help generate lifetime income,” said Eric Stevenson, president of Nationwide Retirement Solutions. “Our partnership with industry leaders Capital Group and Annexus Retirement Solutions reinforces our commitment to helping build secure financial futures by providing participants an income solution that supports them not only up to – but all the way through – retirement.”

“Lifetime Income Builder will leverage the proven building blocks of the American Funds, combined with Nationwide’s glidepath and lifetime income experience to provide participants with an effective source of retirement income, particularly in this low yield environment,” said Brendan Mahoney, head of Institutional Retirement Strategic Growth at Capital Group.

The TDF Series turnkey solution offers plan participants a familiar and growth-focused TDF investing experience, including risk-mitigating protection and income guarantees designed to maximize and deliver lifetime income. For plan sponsors, it provides a QDIA-compliant structure and a combination of liquidity, portability and ease of use that has been largely missing from previous in-plan income solutions.

The TDF Series is structured as a Collective Investment Trust and includes Lifetime Income Builder, a group fixed indexed annuity (FIA) with a guaranteed lifetime withdrawal benefit (GLWB). This structure enables participants to participate in the market during accumulation awhile protecting their future targeted income in retirement. The TDF Series is set to launch this fall.

“Built-in income guarantees prevent the possibility that participants will outlive their money,” said Dave Paulsen, chief distribution officer for Annexus Retirement Solutions. “A lock-in feature applies protection guarantees to remove sequence of returns risk. But the real game-changer is its ability to provide a daily valuation of the fixed indexed annuity. Our patent-pending innovation embeds Lifetime Income Builder within a target date fund enabling participants to purchase a fund with a fixed index annuity on a daily basis. This allows participants to maintain complete control over their savings by providing full liquidity of assets for the life of the product.”

Because of these concerns, eight in 10 plan sponsors (81%) believe their employees want guaranteed lifetime income investment options in their employer-sponsored retirement plan. Many plan sponsors are already looking to solve this need for their employees, with four in 10 (41%) saying they don’t currently offer guaranteed lifetime income options but would consider it. Despite this interest, about 60% of advisors and consultants don’t think their plan sponsor clients want to explore these options, which may indicate a missed opportunity.

The study shows many participants are ready to act once a guaranteed lifetime income investment option is available in their retirement plan, with eight in 10 participants (79%) reporting they are at least somewhat likely to rollover a portion of their current retirement savings into one. This percentage is even higher for participants ages 45-54 at 87%, which serves as an opportunity for financial professionals to begin engaging plan sponsors and participants even earlier than the traditional “pre-retirement” stage.

“For many Americans, understanding how their employer-sponsored retirement plan savings translates to retirement income will soon come into greater focus,” said Eric Stevenson, president of Nationwide Retirement Solutions. “New lifetime income illustrations will begin appearing on participant statements over the next year, based on a new requirement created by the 2019 SECURE Act, with some participants seeing this as soon as this month. For some it will be a wake-up call that they haven’t saved enough, and we believe this visibility will lead to even greater interest from plan sponsors for new investment options that help their plan participants address their lifetime income needs.”

For advisors and consultants looking to begin conversations with plan sponsors about guaranteed lifetime income investment options, it’s likely their clients are only waiting for them to make the recommendation. Approximately nine in 10 plan sponsors trust financial advisors or consultants to counsel them on choosing the right options for their company’s retirement plan and consider them to be the primary source for learning more about guaranteed lifetime income investment options.

Retirement plan decision makers are ready to talk about this now. The survey shows seven in 10 plan sponsors report they evaluate their company retirement plan options at least every six months. This is more frequent than most advisors and consultants realize, with more than eight in 10 advisors (82%) saying only a few or none of their plan sponsor clients are evaluating their company retirement plan in the next six months.

“There is an immediate business opportunity for advisors and consultants to initiate conversations with plan sponsors about adding guaranteed lifetime income investment options,” Stevenson said. “Plan sponsors are telling us they’re hungry for more guidance and advisors and consultants are in prime position to help by exploring these solutions with their clients today.”

View an infographic summarizing data from this survey.

Nationwide also provides a variety of in plan guarantee resources for financial advisors and plan consultants.

Methodology
Edelman Data and Intelligence (DxI) conducted the online survey on behalf of Nationwide July 19-August 4, 2021. Respondents included:

• 500 company plan sponsors, including business executives, business owners, human resources professionals, and financial management professionals who are full-time workers at U.S. businesses with at least 10 full-time employees. They must also be decision-makers for company retirement plans including 401(k), 403(b), or 457(b) plans.
• 300 financial advisors or consultants who advise at least one plan sponsor on investment decisions, financial planning, and options.
• 1,000 plan participants 45+ years of age who work full-time and have access to a 401(k), 403(b), or 457(b) plan through their employer.

LIS includes an optional income feature that will systematically transition a participant’s retirement savings to a guaranteed lifetime income program starting at age 50. This allows the participant to build up a lifetime income benefit that is protected, even in down markets.

Nationwide began its partnership with AB in 2012 when AB launched its Lifetime Income Strategy to the marketplace, the first-of-its-kind and now largest multi-insurer default solution, with Nationwide as one of the insurers. LIS now has $6.2 billion in assets under management (as of May 31, 2021) and offers lifetime income to nearly 300,000 plan participants. For almost a decade, AB has continued to enhance LIS, incorporating more customization and flexibility for individual participants to tailor it to their unique circumstances.

“The expansion of Lifetime Income Strategy is an extension of an already highly successful relationship Nationwide has with AB and will serve as an important addition to our suite of in-plan guarantees designed to address America’s growing retirement income needs across all plan types and sizes,” said Eric Stevenson, president of Nationwide Retirement Solutions. “At Nationwide, we record keep and service a large number of retirement plans for major employers.

This solution will be a strong fit for those types of plans that are looking to provide in-plan income options to their participants.”

Stevenson added the passing of the Setting Every Community up for Retirement Enhancement Act (SECURE) Act of 2019 created opportunities to provide more flexibility and access to lifetime income options within defined contribution retirement plans.

“In addition to the legislative change, research shows consumers’ need for lifetime income is stronger than ever,” he said.

“AB is committed to delivering effective lifetime income solutions to meet the evolving needs of both plan sponsors and participants,” said Jennifer DeLong, Head of Defined Contribution at AB. “We’re delighted to expand our long-standing relationship with Nationwide to offer the Lifetime Income Strategy to their recordkeeping clients and are looking forward to partnering with them to help plan participants be confident about retiring, on their own terms.”

In a recent Bloomberg Wealth Summit panel discussion, Eric Stevenson, president of Nationwide Retirement Solutions, weighed in on a number of topics impacting financial security in America, including:

• SECURE Act 2.0
• Emergency savings
• In-plan guarantees
• Importance of financial professionals

Watch a replay of the discussion here.

Stevenson cited research¹ from the Nationwide Retirement Institute^® that found COVID-19 has negatively impacted Americans’ retirement planning, with one in five (19%) indicating they were forced to delay or cancel their retirement and more than one-fourth (27%) saying they saved less or stopped saving for retirement because they lost their job or for other reasons.

“Many continue to struggle with even thinking about retirement given the financial impact COVID-19 has had,” said Stevenson.

Stevenson advocated for the passage of SECURE Act 2.0 as a great opportunity to enhance retirement security in the United States and also encouraged lawmakers to enable emergency savings opportunities for retirement plans participants.

He said Nationwide Retirement Institute^® research² shows that 94% of advisors and financial professionals agree adding an emergency savings provision to the proposed SECURE Act 2.0 legislation that would permit employees to withdraw or use limited retirement plan contributions for critical short-term financial needs without an early distribution tax penalty would help improve Americans’ financial security.

He also applauded the passage of the SECURE Act in 2019, which helped pave the way for in-plan guarantees within defined contribution plans by creating a safe harbor provision and addressing portability, liquidity and fee issues that have hindered the adoption of these solutions in the past.

“Until recently the industry has been focused on telling participants to save, save, save, but the industry hasn’t always addressed what participants need to do with their savings once they retire,” said Stevenson. “In-plan guarantee options within a retirement plan can help people turn those savings into a steady stream of income.”

Stevenson also highlighted the importance of investors getting help from financial professionals.

“Our research on investors when it comes to taking Social Security found that the No. 1 source for advice on this topic is from a neighbor,” said Stevenson. “The importance of working with a financial professional can’t be overstated.”

¹ Nationwide Retirement Institute^® 2021 Tax-Efficient Income Survey

² Nationwide Retirement Institute^® Survey of Advisor and Financial Professionals, 2021

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“Our business is built on a model of providing extraordinary care to the plan partners and participants we serve,” said Eric Stevenson, president of Nationwide Retirement Solutions. “To earn this award from DALBAR in the first two years of its existence demonstrates our commitment to meeting customers where they are and delivering an exceptional service experience across all channels, whether by phone, web or mobile, particularly during the pandemic and related market volatility over the last year.”

DALBAR found that Nationwide provides an award-winning experience across the following service channels:

• Telephone – Consistently considered the most important channel by customers
• Web – The channel with the most repeat users
• Mobile – Particularly important with younger customers

DALBAR Director Brendan Yeager explains, “DALBAR holds companies to stringent quality standards. To exceed our award levels in a single channel is a huge accomplishment, but to do so across the channels that make up the overwhelming majority of customer interactions is something else entirely; it is truly remarkable. This accomplishment not only speaks to Nationwide’s deep commitment to the customer experience, it also reflects their ability to execute flawlessly. They are really delivering on the promise of a superior standard of care, regardless of how their customers choose to interact.”

2021 is the second year in which DALBAR recognized leading providers with the Customer Experience Excellence Award. DALBAR’S Customer Experience Audit (CXA) programs have been evaluating the various channels through which financial services companies communicate and interact with their customers for over 30 years. Their approach involves reviewing actual interactions, communications and interfaces against industry-leading criteria and accumulated best practices. These are compared to DALBAR’s market-leading criteria, top-performing firms and accumulated best practices.

DALBAR, Inc. is the financial community’s leading independent expert for evaluating, auditing and rating the customer experience, business practices, investor behavior, and product quality. Launched in 1976, DALBAR has earned a reputation for consistent and unbiased evaluations. DALBAR awards are recognized as marks of excellence in the financial community.

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“It’s an exciting time— a true paradigm shift—for the workplace retirement plan industry and the plan participants we serve,” said Eric Stevenson, President of Nationwide Retirement Plans. “Lifetime Income Builder is the latest in our suite of in-plan guarantees designed to address savers’ growing income needs across all plan types and sizes. This innovative new investment option allows us to better serve existing plan sponsors and consultants while also reaching new clients by providing their participants with the protection they seek, and the guaranteed income they need, to help them achieve a more secure retirement.”

Nationwide and Annexus Retirement Solutions are joining forces to create a competitive in-plan solution that helps address the participant’s risk of outliving income, one of the biggest financial challenges faced by many Americans today. This solution embeds a fixed indexed annuity with a guaranteed lifetime withdrawal benefit – the Lifetime Income Builder – directly into a collective investment trust consisting of a series of target date funds. The investment options help increase income potential while maintaining a familiar investment experience for the participant due to the target date series structure.

"Until now, the retirement planning industry hasn’t made it easy for participants to know how to secure their financial future,” said Don Dady, Co-Founder of Annexus, the parent company of Annexus Retirement Solutions. “The risks in retirement require an integrated solution for most participants to optimize the potential income from their retirement plan. Lifetime Income Builder is designed to achieve this objective without requiring participants to give up control or flexibility. In partnering with Nationwide, this solution is easier for a participant to understand given the target date fund framework, with the added benefit of helping to maximize results for the participant to and through retirement.”PNN-2025AO

“Our solutions centers saw unprecedented call volumes last year from plan participants worried about their retirement savings given the market volatility,” said Eric Stevenson, president of Nationwide Retirement Plans. "In this environment, participants are taking advantage of digital and mobile functionality now more than ever. At Nationwide, we excel at complementing our technical solutions with our people and this DALBAR award validates our high level of performance."

DALBAR, a financial services market research firm, recently announced that Nationwide Retirement Plans has earned the 2020 Plan Participant Service Award for outstanding telephone support to retirement plan participants. This is the seventh consecutive year in which Nationwide was recognized by DALBAR with this distinction.

“Last year presented financial uncertainties for many due to the pandemic and related volatility,” said Stevenson. “To receive this recognition from DALBAR for the seventh consecutive year is a testament to Nationwide’s continual commitment year after year to helping our plan participants stay focused on preparing for retirement. We demonstrate our outstanding support regardless of market, and—in 2020—, additional circumstances related to COVID-19.”

In order to earn this prestigious DALBAR award, companies must undergo a thorough and independent year-long audit looking at the quality of contact center interactions. Award eligibility is determined by a review of actual customer interactions against detailed criteria based on superior service standards and industry best practices. DALBAR’s criteria cover all aspects of the customer experience, including both the interpersonal relationship and the transactional elements. Despite the difficult environment for contact centers forced to adapt to the pandemic, Nationwide was held to the same high standards in 2020 as in years past.

“The DALBAR Service Award symbolizes the achievement of the highest tier of call center service to customers within the financial services industry,” said Brendan Yaeger, DALBAR Director. “It is awarded only to those firms that exceed industry norms in key service areas. The winners of this award are the service leaders within the financial services industry.”

More information about the award can be found in this DALBAR press release.

Additional information about Nationwide’s award-winning retirement plans can be found here.

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A recent Nationwide Advisor Authority study¹ found that the number-one financial concern of investors was losses in their portfolio related to COVID-19. As a result of this year’s market turbulence, many Americans have developed newfound interest in protection solutions in hopes of better positioning themselves for the next market downturn.

To address this urgent need, today Nationwide introduced Nationwide Indexed Principal Protection^sm, an in-plan group fixed indexed annuity, the first of a planned suite of in-plan annuities that will be launched over the course of 2021. This new investment option can provide the potential for growth based on the return of a market index while also providing principal protection. Additionally, there are no investment minimums for participants wanting to allocate to this new option.

“Participants, especially those nearing retirement, are looking for ways to protect their investments given recent market volatility. At the same time, they realize they still need growth in order to outpace inflation,” said Eric Stevenson, President of Nationwide Retirement Plans. “Nationwide Indexed Principal Protection is one of the first fixed indexed annuities to be offered as an in-plan annuity that can help participants address both of these needs.”

Nationwide Indexed Principal Protection will provide retirement plan participants with:

• Upside Potential - Participants will have upside potential, up to a cap, based on the performance of the S&P 500 Daily Risk Control 5% USD Excess Return Index. Nationwide Indexed Principal Protection sets an annual cap rate for each index account every calendar quarter. Offering a new index account with a one-year term four times a year allows retirement plan participants to diversify market entry timing.
• Principal Protection - Participants will not lose their principal even if the market index goes down, due to the floor of 0%. When the corresponding market index return is negative over the one-year term, the account loses nothing since the principal is protected.
• Liquidity - Participants can exchange out of the Nationwide Indexed Principal Protection investment option at any time without incurring a contingent deferred sales charge (CDSC). In order to receive interest earnings from an index account, participants must not exchange out before the term ends.

In addition to Nationwide Indexed Principal Protection, in 2021 Nationwide will introduce several in-plan lifetime income options that pair income guarantees with Target Date Funds, all designed to be QDIA (qualified default investment alternative) compliant.

“While the SECURE Act removed many barriers around in-plan annuities by making them more accessible and portable than before, we know it’s not a one-size-fits all situation,” said Eric Henderson, President of Nationwide Annuity. “By leveraging our expertise as a leading provider of annuities, our new suite will offer a broad range of in-plan annuities to meet the needs of plan sponsors and their participants, whether they’re looking to guarantee income or to protect principal, or both.”

Based on Nationwide’s research, plan sponsors, participants, consultants, advisors and financial professionals are becoming more receptive to incorporating in-plan annuities within defined contribution plans.

Nationwide’s Advisor Authority study found that two-thirds of both Millennial investors (65%) and Gen X investors (66%) indicate they are likely to incorporate in-plan guarantees within their defined contribution plans. The study also showed that nearly two-thirds of advisors and financial professionals (64%) say they are likely to adopt in-plan guarantees to provide guaranteed income within clients’ defined contribution plans. Six in ten (60%) employers also say they would consider offering employees lifetime income solutions according to a 2019 survey by Willis Tower Watson.

Many American savers, having experienced COVID-related market volatility, are waking up the reality that they are facing retirement without the defined benefit pension guarantees enjoyed by previous generations. This has led to growing interest in solutions¹ that can protect them from market downturns and provide a stream of guaranteed income in retirement.

The SECURE Act opened a new era of opportunity for retirement plan participants – expanding the ability for plan sponsors to help participants not only plan for retirement, but also live in retirement. One way the Act will help is by making in-plan annuities within defined contribution plans such as 401(k)s and 457(b)s more accessible and portable than before.

To meet this need, Nationwide announced today that it will begin to roll out a suite of new in- plan annuity products and partnerships with industry leaders, including at least five new solutions from late 2020 through 2021.

“We know this is not a one-size fits all problem, and we’re confident that a suite of solutions will give plan sponsors the flexibility to select the option that’s best for their participants,” said Eric Stevenson, President of Nationwide Retirement Plans. “Our approach is unique, by going beyond retirees’ well-established need for guaranteed income, to also address their growing need to protect principal. It’s the combination of both benefits that makes our approach a game-changer for our industry.”

About the Suite
Nationwide’s new suite of products will offer a broad range of solutions to meet the needs of plan participants. In December, Nationwide will introduce a new in-plan Fixed Indexed Annuity to provide principal protection with potential for growth based on the return of an index.

Additionally, in 2021, Nationwide will introduce several in-plan lifetime income options that pair income guarantees with Target Date Funds, all designed to be QDIA (qualified default investment alternative) compliant.

“Similar to a Target Date Fund, we will allow our plan participants to select an investment option and then we’ll take care of the rest of the puzzle by providing a glide path from accumulation into retirement income,” Eric Stevenson said.

Uniquely Positioned to Meet this Need
As an established industry leader serving government and corporate retirement plans, as well as a top provider of annuities, Nationwide is uniquely equipped to address this challenge, with the in-house experience to develop new solutions and deep partnerships across the industry to bring them to market. Nationwide has a track record as an innovator in the in-plan annuity market, serving as an insurance carrier in AllianceBernstein’s multi-insurer solution, Lifetime Income Strategy since 2012.

“By offering a range of guaranteed solutions within the structure of a retirement plan, Nationwide can provide even more customers access to the benefits of guaranteed lifetime income and principal protection that are only available from an annuity,” said Eric Henderson, President of Nationwide Annuity.

¹The sixth annual Advisory Authority Survey, conducted by The Harris Poll on behalf of Nationwide from May 27 – June 25, 2020.

NFM-20237AO

This comes at an opportune time as American savers weather a perfect retirement storm. Given the pandemic’s impact on market volatility this year alone, consumers are much more interested than ever before¹ in solutions that can provide a level of certainty and protection. Retirees are living longer and facing greater pressure to fund their own retirement, as costs for healthcare and long-term care continue to rise. Employers (plan sponsors) are looking for accessible, portable and affordable solutions to help their employees protect their savings and ensure income in retirement.

To meet this need, Nationwide announced today that it will begin to roll out a suite of new in- plan annuity products and partnerships with industry leaders, including at least five new solutions from late 2020 through 2021.

“We know this is not a one-size fits all problem, and we’re confident that a suite of solutions will give plan sponsors the flexibility to select the option that’s best for their participants,” said Eric Stevenson, President of Nationwide Retirement Plans. “Our approach is unique, by going beyond retirees’ well-established need for guaranteed income, to also address their growing need to protect principal. It’s the combination of both benefits that makes our approach a game-changer for our industry.”

Uniquely Positioned to Meet this Need
As an established industry leader serving government and corporate retirement plans, as well as a top provider of annuities, Nationwide is uniquely equipped to address this challenge, with the in-house expertise to develop new solutions and deep partnerships across the industry to bring them to market.

Nationwide has a track record as an innovator in the in-plan annuity market, serving as an insurance carrier in AllianceBernstein’s multi-insurer solution, Lifetime Income Strategy since 2012. Over the past eight years, Nationwide has accumulated $435 million in assets offering lifetime income to more than 25,000 plan participants.

“By offering a range of guaranteed solutions within the structure of a retirement plan, Nationwide can provide even more customers access to the benefits of guaranteed lifetime income and principal protection that are only available from an annuity,” said Eric Henderson, President of Nationwide Annuity.

About the Suite
Nationwide’s new suite of products will offer a broad range of solutions to meet the needs of plan participants. In December, Nationwide will introduce a new in-plan Fixed Indexed Annuity to provide principal protection with potential for growth based on the return of an index.

Additionally, in 2021, Nationwide will introduce several in-plan lifetime income options that pair income guarantees with Target Date Funds, all designed to be QDIA (qualified default investment alternative) compliant.

“Similar to a Target Date Fund, we will allow our plan participants to select an investment option and then we’ll take care of the rest of the puzzle by providing a glide path from accumulation into retirement income,” Eric Stevenson said.

According to Nationwide’s recent Advisor Authority study², two-thirds of both Millennial investors (65%) and Gen X investors (66%) indicate they are likely to incorporate in-plan guarantees within their defined contribution plans. The study also showed that nearly two-thirds of advisors and financial professionals (64%) say they are likely to adopt in-plan guarantees to provide guaranteed income within clients’ defined contribution plans. Six in ten (60%) employers also say they would consider offering employees lifetime income solutions according to a 2019 survey by Willis Tower Watson.

These are among the latest findings revealed in Nationwide’s sixth annual Advisor Authority study, powered by the Nationwide Retirement Institute, reflecting the responses of more than 1,800 advisors, financial professionals and individual investors with investable assets of $100,000 or more.

“Recent market turbulence and changing regulations have put a new lens on retirement needs. The pandemic is driving greater volatility, confidence in Social Security is eroding, access to defined benefits are on the decline and systemic shifts continue placing greater responsibility—and greater pressure—on individuals to fund their own retirement,” said Eric Stevenson, President of Nationwide Retirement Plans. “As defined contribution plans have become a predominant vehicle for retirement savings in the workplace, the SECURE Act will now help more plans to adopt in-plan guarantees, a crucial new solution with the potential to provide what Americans are looking for in the post-COVID world: A guarantee.”

The Setting Every Community Up for Retirement Enhancement (SECURE) Act removes existing barriers for plans adopting in-plan guarantees, to protect retirement savings and provide guaranteed income for life within defined contribution plans, including 401(k)s and 403(b)s, as well as Governmental 457(b) plans. Passed with bi-partisan support in late 2019, the SECURE Act is considered the most comprehensive retirement legislation since the Pension Protection Act of 2006, providing more opportunities for participants to access retirement planning solutions that can help them not only reach retirement, but also live in it.

Financial Professionals Predict Strong Adoption for In-Plan Guarantees

Following the passage of the SECURE Act, nearly two-thirds of advisors and financial professionals (64%) say they are likely to adopt in-plan guarantees to provide guaranteed income within clients’ defined contribution plans. More than one-third (39%) of advisors and financial professionals currently use in-plan guarantees to protect clients against outliving savings.

When asked for which net worth segment of clients they are most likely to recommend in-plan guarantees, advisors and financial professionals say Emerging High Net Worth clients ($500,000 to less than $1 million in investable assets). Likewise, Emerging High Net Worth investors are the net worth segment most likely to incorporate in-plan guarantees within their defined contribution plans. It is also important to note that Millennial and Gen X investors are the generations most likely to adopt in-plan guarantees, as detailed below.

In-plan guarantees are also proving popular with employers. Following the passage of the SECURE Act, 60% of employers also say they would consider offering employees lifetime income solutions according to a 2019 survey by Willis Tower Watson.

Millennials and Gen X also Favor In-Plan Guarantees

The need for guaranteed income among investors who are ages 55 and younger is clear, as they face greater responsibility to save for their retirement than preceding generations, and they are likely to spend more years in retirement. The SECURE Act will not only give Millennials and Gen X investors the opportunity to potentially save more, by taking advantage of tax-deferred and tax-free accumulation over time, it also gives them the opportunity to generate a protected stream of lifetime income in retirement by leveraging in-plan guarantees.

While potential adoption is lower among the overall population of investors, with only 43% likely to incorporate in-plan guarantees within their defined contribution plans and nearly one quarter (22%) saying they do not know, investors who are ages 55 and younger are far more likely to adopt in-plan guarantees as a result of the SECURE Act. In fact, two-thirds of both Millennial investors (65%) and Gen X investors (66%) are likely to incorporate in-plan guarantees within their defined contribution plans, compared to only 28% of Boomer investors. While 24% of investors overall currently use in-plan guarantees within their defined contribution plans, more Millennial investors (30%) and Gen X investors (37%) use in-plan guarantees than Boomer investors (17%).

SECURE Act Drives Use of Annuities

By raising awareness about the importance of guaranteed income, the SECURE Act is also driving greater usage of annuities. As a result of the SECURE Act, 70% of advisors and financial professionals also say they will increase their usage of annuities. Likewise, investors ages 55 and younger are more likely than the overall population of investors to say they will increase their usage of annuities as a result of the SECURE Act.

While only 42% of the overall population of investors plan to increase their use of annuities due to the SECURE Act, adoption among younger investors is far greater. Nearly three-fourths of Millennial investors (70%) and nearly two-thirds of Gen X investors (63%) are likely to increase their use of annuities due to the SECURE Act, compared to only one-quarter of Boomer investors (25%).

“The fallout from COVID-19 continues to challenge investors and threaten the security of their retirement, driving greater demand for guarantees both inside and outside of their qualified plans,” said Craig Hawley, head of Nationwide’s Annuity Distribution. “In fact, months after the coronavirus was declared a pandemic, 85% of investors continue to say they can do all the right things to manage their finances, yet still be blindsided by outside events.”

More than three-fourths of advisors and financial professionals (79%) are likely to choose an annuity as part of a holistic financial plan to protect clients against outliving their savings, according to Advisor Authority. In addition, 84% of advisors and financial professionals say annuities with income guarantees are important for supporting a sustainable withdrawal rate that will generate income in retirement and protect against outliving savings.

Likewise, more than half of investors (54%) are likely to choose an annuity as part of their holistic plan to protect against outliving their savings, including 71% of Millennial investors and 69% of Gen X investors vs 44% of Boomer investors. Notably, more than half of investors (53%) say they would feel more secure if a portion of their portfolio was invested in an annuity to protect against outliving their savings, including 73% of Millennial investors and 65% of Gen X investors vs just 42% of Boomer investors.

Protecting Retirement is a Top Priority

More than 9 in 10 advisors and financial professionals (94%) have a strategy in place to protect their clients against outliving their savings, according to Advisor Authority. Social Security (59%), dividend yielding stocks (55%) and variable annuities with living benefit riders (55%) are their top three solutions. In addition, the vast majority of advisors and financial professionals (83%) have a strategy in place to generate guaranteed income in retirement for their clients.

In comparison, roughly 8 in 10 investors (81%) have a strategy in place to protect themselves against outliving their savings. Investors are somewhat more likely than financial professionals to say they rely on Social Security (68%), and among investor’s top three most common solutions, they also cite defined benefit plan/pension (44%) and dividend yielding stocks (39%). Likewise, 80% of investors also have a strategy to generate guaranteed income.

“To confront today’s complex dynamics, planning and professional advice are more important than ever,” said Craig Hawley. “More than 9 in 10 investors say that having a plan for their investments helps them feel in control, even if they can’t plan for everything, and their number-one reason for working with an advisor is to feel more confident in their financial future.”

For more insights on the importance of the SECURE Act and in-plan guarantees, advisors and financial professionals can also view the latest Advisor Authority infographic:

Nationwide’s sixth annual Advisor Authority study powered by the Nationwide Retirement Institute explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market. This is the first in a series of ongoing releases from the sixth annual study.

About Advisor Authority: Methodology

The sixth annual Advisory Authority Survey was conducted online within the United States by The Harris Poll on behalf of Nationwide from May 27 – June 25, 2020 among 1,768 financial advisors and 817 investors, ages 18+. Among the 1,768 financial advisors, there were 758 RIAs, 642 Registered Reps, 500 Wirehouse and 165 other advisors. Among the 817 investors, there were 131 Millennials (Ages 18 – 39), 161 Generation X (Ages 40 – 55), 433 Boomers (Ages 56 – 74) and 92 Matures (Ages 75+). Investors are weighted where necessary by age by gender, race/ethnicity, region, education, income, marital status, household size, investable assets and propensity to be online to bring them in line with their actual proportions in the population. Respondents for this survey were selected from among those who have agreed to participate in Harris Poll surveys. Because the sample is based on those who were invited to participate in the Harris Poll online research panel, no estimates of theoretical sampling error can be calculated.

“We recognize companies, families and individuals are facing financial challenges right now due to the pandemic, and we’re here to support plan sponsors and their participants to help ease their burden during these challenging times,” said Eric Stevenson, president of Nationwide Retirement Plans. “We want to help businesses balance the costs of offering retirement plans with the vital need for their employees to prepare for a secure retirement – a challenge that has been exacerbated by recent market volatility and uncertainty.”

The fee waiver is available on Nationwide’s flagship Flexible Advantage retirement plan solution beginning Aug. 1, 2020. If eligibility criteria are met, Nationwide will waive its portion of the plan’s asset fee for 90 days from the Trust Effective Date (the date of first deposit to Nationwide). Other fees still apply.

For more information call 1-800-626-3112.