By Kathryn Kretschmer-Weyland
January 31, 2011

After 32 years of an innovative and resourceful partnership, the relationship between the United States Conference of Mayors and Nationwide Retirement Solutions (NRS) remains strong and successful. In the decades since the Conference of Mayors and NRS wrote the legislation to create the deferred compensation 457(b) retirement plan, the nature of retirement savings has changed, but not the end goal. As was noted by Nationwide's Vice President of Strategic Relationships Louie Watson at this years 79th Annual Winter Meeting, helping city workers save for retirement continues to be the focus of this partnership.

NRS focus on employee education remains a key part of the program's success. Louie Watson explained, "Most importantly, we provide the education and guidance to employees so they can take action and plan for a secure retirement." During a time when mayors and their cities are facing changes to pension and defined benefit plans in their cities, educating city employees about deferred compensation options has never been more pertinent.

Through a deferred compensation plan, city employees can put pre- tax earnings into an investment account, which they can either closely manage themselves or manage as a fixed account. The savings can grow at a faster rate than post tax earnings, allowing employees to save more for retirement. Also, in extenuating circumstances, employees do have the option of withdrawing funds without penalty from the plan.

Currently, the Conference of Mayors Nationwide plan holds over $6.2 billion in assets with nearly 317,000 municipal members from almost 4,000 municipalities across the country. Of the 232 mayors in attendance at this year's Winter Meeting, nearly 30 percent of their cities take part in the plan. Louie Watson thanked the mayors for their support of the program. Mayoral encouragement is a key component to the success of the Conference of Mayors Nationwide plan.

If you would like to offer your employees the choice of the Conference of Mayors Deferred Compensation Plan, contact Jeff Bean at 202-446-8140 or send e-mail to jbean@usmayors.org, or contact Jeannie Fanning at 240-393-9672 or send e-mail to jfanning@usmayors.org. You can also contact Louie Watson directly by e-mail at watsonl2@nationwide.com.