Dalbar: Nationwide Tops Phone Support For Retirement Plan Participants
As the COVID-19 pandemic progressed, Americans faced unprecedented uncertainty, volatility and in many cases, fear. For many, that meant picking up the phone to talk to their retirement plan provider, asking for consultative support and even considering making changes to their long-term financial planning strategy.
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.
More information about the award can be found in this DALBAR press release.
PNN-2103AO
How A 457 Plan Differs From A 401 Plan
One major difference is that currently 457 plans are designed for public sector employees, and 401 plans are designed for private sector employees.
Another significant difference between these plan types concerns the application of the additional 10% early withdrawal tax.
- There isn’t an additional 10% early withdrawal tax, although withdrawals are subject to ordinary income taxes1
- Theres a withdrawal option for unforeseen emergencies that meet certain legal criteria, if all other financial resources are exhausted
- Distributions are available in a lump sum, annual installments or as an annuity
- There’s no tax withholding if you leave for a new job and roll over your money into an IRA or your new employer’s eligible retirement plan.
Our Focus And Commitment Are To Help You And Your Employees Build A Better Retirement Future
See what we offer to help make us your preferred partner
Nationwide Retirement Solutions and Nationwide Life Insurance Company have endorsement relationships with the National Association of Counties, the International Association of Fire Fighters-Financial Corporation, the United States Conference of Mayors and the National Association of Police Organizations.
Nationwide may receive payments from mutual funds or their affiliates in connection with certain investment options. Learn more about these payments.
Retirement Specialists provide information for educational purposes only. This information is not meant to be used as investment advice. Retirement Specialists are Registered Representatives of Nationwide Investment Services Corporation, member FINRA, Columbus, Ohio.
You May Like: State Of Alaska Retirement And Benefits
Login For Plan Sponsors
Log in to manage your Retirement Plan .
Not a deposit Not FDIC or NCUSIF insured Not guaranteed by the institution Not insured by any federal government agency May lose value
This material is not a recommendation to buy, sell, hold, or roll over any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition or particular needs of any specific person. Investors should discuss their specific situation with their financial professional.
Life and annuity products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor for variable products is Nationwide Investment Services Corporation , member FINRA, Columbus, Ohio. The Nationwide Retirement Institute is a division of NISC. Nationwide Funds are distributed by Nationwide Fund Distributors, LLC, member FINRA, Columbus, OH. Nationwide Life Insurance Company, Nationwide Life and Annuity Company, Nationwide Investment Services Corporation and Nationwide Fund Distributors are separate but affiliated companies.
The Nationwide Group Retirement Series includes unregistered group fixed and variable annuities issued by Nationwide Life Insurance Company. It also includes trust programs and trust services offered by Nationwide Trust Company, FSB.
NFW-4371AO.13
What Is A Deferred Compensation Plan
A deferred compensation plan is another name for a 457 retirement plan, or 457 plan for short.
Deferred compensation plans are designed for state and municipal workers, as well as employees of some tax-exempt organizations. The content on this page focuses only on governmental 457 retirement plans.
If you participate in a deferred compensation plan, you can contribute a portion of your salary to a retirement account. That money and any earnings you accumulate are not taxed until you withdraw them.
Also Check: Casa Del Sol Retirement Community
Learn About Retirement & Financial Wellness
Every step of the way
Nationwide Retirement Solutions and Nationwide Life Insurance Company have endorsement relationships with the National Association of Counties, the International Association of Fire Fighters-Financial Corporation, the United States Conference of Mayors and the National Association of Police Organizations.
Nationwide may receive payments from mutual funds or their affiliates in connection with certain investment options. Learn more about these payments.
Retirement Specialists provide information for educational purposes only. This information is not meant to be used as investment advice. Retirement Specialists are Registered Representatives of Nationwide Investment Services Corporation, member FINRA, Columbus, Ohio.
Nationwide Retirement Institute Survey Uncovers The Magnitude Of The Business Opportunity For Plan Advisors And Consultants
Columbus, OH Nearly nine in 10 plan sponsors and participants , respectively, agree that income in retirementis vital to financial security, according to the Nationwide Retirement Institutes® 2021 In-Plan Lifetime Income survey of plan sponsors, plan participants, and plan advisors or consultants. However, despite recognizing the importance of income in retirement, the survey found participants dont feel confident in their ability to maximize it. Half of participants are concerned about being able to manage expenses and lifestyle choices in retirement and 48% are concerned about outliving their income.
Because of these concerns, eight in 10 plan sponsors 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 saying they dont currently offer guaranteed lifetime income options but would consider it. Despite this interest,about 60% of advisors and consultants dont think their plan sponsor clients want to explore these options, which may indicate a missed opportunity.
Also Check: How To Retire In 20 Years
Fee Waiver Accelerated Process Among Actions Nationwide Taking For Retirement Plan Participants
- Nationwide stands ready to waive or reimburses certain fees for retirement plan loans, distribution or hardship withdrawals
- Company stands ready to help participants make the best choice for their households
Individuals seeking to access their retirement saving to help get them through the COVID-19 pandemic shutdown have some new options from Nationwide, as a result of the recently enacted federal stimulus package, also known as the CARES Act.
The company say it stands ready to waive or reimburse any Nationwide-imposed fees for loan initiation, distribution or hardship withdrawals. For those participants in plans who adopt these provisions and are impacted by the CARES Act, the fee waiver is effective from March 27, 2020 through September 30, 2020.
Nationwides retirement plans business has also elevated and accelerated processes to respond to customer needs and is ready to provide participants with educational resources to help them weigh whether withdrawals or loans are the best option for their family.
We stand ready to help individuals make the best choice for their financial futures in these difficult times, said Nationwide Retirement Plans President, Eric Stevenson. Our highly experienced staff is prepared to deliver extraordinary care to participants, assisting them with their COVID-19 related distribution requests and also helping them understand the long-term impact these provisions may have on their retirement savings and future financial wellbeing.
Are You Prepared For Retirement
Find out with My Interactive Retirement PlannerSM
This material is not a recommendation to buy, sell, hold, or roll over any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition or particular needs of any specific person. Investors should discuss their specific situation with their financial professional.
Life and annuity products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor for variable products is Nationwide Investment Services Corporation , member FINRA, Columbus, Ohio. The Nationwide Retirement Institute is a division of NISC. Nationwide Funds are distributed by Nationwide Fund Distributors, LLC, Member FINRA, Columbus, OH. Nationwide Life Insurance Company, Nationwide Life and Annuity Company, Nationwide Investment Services Corporation and Nationwide Fund Distributors are separate but affiliated companies.
The Nationwide Group Retirement Series includes unregistered group fixed and variable annuities issued by Nationwide Life Insurance Company. It also includes trust programs and trust services offered by Nationwide Trust Company, FSB.
Read Also: How Does State Retirement Work
Sdrs Supplemental Retirement Plan & Special Pay Plan
SDRS Supplemental Retirement Plan: The SDRS Supplemental Retirement Plan is a personal retirement savings option available to SDRS members and any person providing services to the state or a political subdivision of the state for which compensation or contractual payment is paid by an SDRS-participating employer. The SDRS-SRP allows participants to save additional dollars for retirement on either a pre-tax or after-tax basis.The SDRS-SRP is managed by SDRS through a contract with Nationwide Retirement Solutions, Inc.SDRS-SRP Overview brochureSDRS Special Pay Plan: The SDRS Special Pay Plan is an additional retirement plan funded by an eligible employee’s special pay , which is compensation other than regular salary or wages accumulated by an employee and converted to a lump-sum amount at the employee’s termination of employment. Special Pay may include unused annual leave, unused sick leave, or other lump-sum special pay that is eligible for contribution into the SDRS-SPP. Under the SPP, an eligible member’s lump-sum special pay is permanently exempt from Social Security taxes and free from Federal income taxation until the funds are withdrawn from the Plan.To be eligible for the SDRS-SPP, each of the following provisions must apply:
Section 457 Deferred Compensation Program
This program allows employees to defer a portion of their salary for future supplemental retirement income at their expense through payroll deductions. The amount deferred reduces state/federal income taxes and earnings on these deferrals accumulate tax-free until withdrawn.
Enrollment is voluntary and you can enroll and/or change the amount you defer at any time throughout your employment by completing the provider’s forms. There are two plans to choose from, Wisconsin Deferred Compensation and Nationwide Retirement Solutions. Each plan has its own enrollment requirements and mutual funds to choose from.
Contact Information
Retirement Plan Advisor: Alex BrostOffice: 608.241.6604
Don’t Miss: Empower Retirement Plan Service Center
Nationwide Earns Honors For Industry
DALBAR presents Customer Experience Excellence Award to Nationwide for 3rd Consecutive Year
MARLBOROUGH, Mass., April 7, 2022 /PRNewswire/ — DALBAR announced that Nationwide has earned DALBAR’s Customer Experience Excellence Awardfor each of three years the award has been offered. This award recognizes Nationwide’s work to ensure an industry-leading customer experience across critical service channels.
“An important aspect in retirement planning is having the right support at your disposal. This is an area where Nationwide excels. They have 24/7 access to 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.
DALBAR is regarded as the leading industry expert for evaluating customer service and experience. The Customer Experience Excellence Award brings together channel-specific expertise to identify companies providing best-in-class total experiences.
The award is based on a year-long audit of channels which collectively comprise the majority of customer interactions. For Nationwide, this included the retirement contact center, private-sector web portal, public-sector portal, and mobile apps. All of these exceeded DALBAR’s industry-leading award criteria.
View original content to download multimedia:
At Least Five New Solutions To Be Introduced In Months Ahead To Help Retirement Plan Participants Protect Savings And Guarantee Retirement Income
Columbus, OH The SECUREAct 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 401s and 457smore accessible and portable than before.
This comes at an opportune time as American savers weather a perfect retirement storm. Given the pandemics 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 andfacing greater pressure to fund their own retirement, as costs for healthcare and long-term care continue to rise.Employers 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.
Nationwide has a track record as an innovator in the in-plan annuity market, serving as an insurance carrier in AllianceBernsteins 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.
You May Like: Federal Disability Retirement And Social Security
Helping Colleagues Get The Most From Their Pension
To help employees manage their pension savings and keep on track for a good retirement, we provide regular pensions education through online eLearning. And we work closely with Aviva to make available other training materials and modellers.
We issue annual newsletters, together with frequent topical intranet news stories and surveys giving employees simple reminders and gentle nudges to think about their pensions savings and take actions when necessary. We also provide webinars on various pension topics and run mid-career and pre-retirement online seminars.
In addition, Aviva issues communications targeting segmented audiences prompting employees in different age groups or with generic topics such as lost pensions and nominating beneficiaries. And they make accessing pension savings easily available through mobile devices using the MyAviva app .
Nationwide employees also have a generous life assurance cover equal to 8 times their basic salary.
Wisconsin Retirement System State Pension Plan
The State’s Department of Employee Trust Funds administers the Wisconsin Retirement System . Eligible employees are automatically enrolled upon employment. Required contribution rates are set by the ETF, and employee contribution rates are taken pre-tax. An annual Employee Benefit Statement and the quarterly newsletter will be distributed to employees via interoffice mail.
Learn More About WRS
Whether youre beginning your career or planning to retire, ETF offers webinars to help you make the most of your WRS benefit. ETF offers both live, interactive webinars and recorded, on demand webinars. To view the current topics, please visit ETFs website at .
2022 ETF Required Contribution Rates
|
EMPLOYMENT |
You May Like: Equestrian Retirement Communities In Arizona
