Products November 18, 2013

Nationwide Simplifies Data Access

Nationwide Retirement Solutions now offers comprehensive, mobile-optimized access to its public-sector retirement plan website without use of an application (app).
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“As a public-sector retirement plan provider, we understand the needs of participants. We know they are constantly on the go and often need access to more than just a few account features typically provided by mobile applications,” says Eric Stevenson, senior vice president of the Columbus, Ohio-based Nationwide Retirement Solutions.

Stevenson says plan participants will see the changes immediately on Nationwide’s public-sector deferred compensation plan websites, including NRSforU.com.

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The mobile-optimized features include:

  • An online experience that fluidly adjusts to any device;
  • Comprehensive access to learn more about the plan, enroll online, review account information, and change contribution amounts and fund options;
  • Streamlined design and navigation, making it easier for participants to find what they need from all devices; and
  • Quick access via a bookmark icon from a device’s home screen.

In addition, the Nationwide tool “On Your Side Interactive Retirement Planner” has been optimized for tablet devices.

For more information, plan sponsors can visit http://NRSforU.com or call 877-677-3678 and press option 3.

Data & Research November 18, 2013

Higher Ed Plans Streamline to Save

Higher education institutions across the U.S. are enacting plan consolidations and refining features to drive down costs, a Transamerica report shows.
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The report from Transamerica Retirement Solutions, called “Retirement Plans for Institutions of Higher Education,” shows colleges and universities are cutting the number of service providers they use to ease administrative burdens and reduce plan costs.

Between five and 10 years ago, the report shows, higher education institutions largely relied on multiple providers for retirement plan management. Today, institutions are almost evenly split among those using a single provider (52%) and those with multiple providers for 403(b) plans.

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“Like most companies and organizations, institutions of higher education are challenged with the task of reducing costs and creating efficiencies without experiencing loss in service,” says Brodie Wood, vice president and national practice leader of not-for-profit clients at Transamerica. “The survey indicates the growing trend is these institutions are actively seeking retirement plan providers that can administer all their retirement plans to achieve administrative efficiencies and cost reduction.”

The trend has led many higher education institutions to shift to a consolidated contract structure, with many institutions moving from individual to group contracts. According to the report, less than one-third of higher education institutions offer only individual contracts (31%), and almost as many have completely abandoned individual contracts (28%).

Other report findings show institutions are also reducing plan investment options. Historically, institutions have offered nearly unlimited options, which left employees the task of evaluating hundreds of choices. Today, staff and faculty can access an average of 21 investment options.

This narrowing of investment options has been driven, in part, by Internal Revenue Service regulations that established an oversight requirement for 403(b) plans in 2009, the report shows.

“This consolidation helps [institutions] streamline costs and eliminate account fees for all plan participants,” Wood says.

To request a copy of “Retirement Plans for Institutions of Higher Education,” email marketinsights@transamerica.com or call 888-401-5826.

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