The City of Los Angeles awarded Nationwide Retirement Solutions a five-year contract as an exclusive administrator and provider of its 457 deferred compensation program offered to city employees. A competitive selection process was undertaken and Mercer Investment Consulting assisted the city with its search.
The 457 program will help secure the retirement of the approximately 34,000 city participants who have $1.9 billion in assets. “Nationwide will enhance the value of the city’s plan by offering improved local support and more educational outreach,” said Matthew A. Riebel, president of Nationwide Retirement Solutions.
For nearly 25 years, Nationwide has been the administrator for NACo’s 457 deferred compensation program which includes nearly 400,000 county employees and retirees.
“It is good to see other public entities offering a competitive 457 retirement program. Public officials share in the responsibility of providing retirement planning and education to all public employees,” said Larry Naake, NACo executive director.
NACo’s 457 deferred compensation program excels as the only national program with an advisory committee consisting of program participants who provide program oversight. NACo also conducts an annual independent study to measure the competitiveness of its fixed option and to evaluate the financial condition and creditworthiness of the administrator. The NACo program always excels.
Other counties that recently have extended the NRS 457 deferred compensation program include