Products April 11, 2007
Nationwide Offers New Products for 457 Plans
Nationwide Retirement Solutions (NRS) has launched managed account and guaranteed balance products available to participants in NRS administered 457 plans.
Reported by Fred Schneyer
Nationwide Investment Advisors, LLC has retained Wilshire Associates as the independent financial expert to select and monitor investments so that participants in the new ProAccount program do not have to. The ProAccount program will create an investment strategy that seeks to enhance diversification, increase returns and control risk based on a participant’s personal profile, age and risk tolerance, according to an NRS announcement.
Nationwide is also making the new FundGuard product available to its 457 plans. This new feature protects a participant’s account so no matter what happens to the market, their initial investment is protected; and at the same time, their investments have the opportunity to grow, the news release said.
For example, a participant who has a principal balance of $30,000 in their 457 plan can choose a five-, seven- or ten-year term of guarantee.
At the end of the elected term, FundGuard will make sure that if the stock market does well, the participant keeps the gains or if the account value is lower at the end of the term, FundGuard makes up for the loss by applying a credit to the account, returning it to its initial $30,000 balance.
For more information, call 877-677-3678.