By Jeffrey Bean
April 27, 2009

While some of the most venerable brand names in financial services have stumbled, needed government help from the Troubled Asset Relief Fund (TARP) or simply gone out of business, Nationwide Retirement Solutions (Nationwide), USCM’s Platinum Partner of 30 years, has needed no such bailout money and remains in a strong financial position to continue to help the nation’s city workers meet their retirement needs.

“Nationwide has been in business for more than 80 years and has worked with the Conference for the past 30,” said Kathryn Kretschmer-Weyland of the US Conference of Mayors. “Together we have seen our share of economic downturns, but knowing Nationwide the way we do, it’s no surprise that they have made prudent financial decisions that positioned them well in today’s uncertain environment.”

Nationwide is one of the largest diversified insurance and strongest financial services organizations in the United States. Thirty years ago, Nationwide and the Conference together first established the USCM Deferred Compensation Program, a benefit that is still available to city workers today. Though other companies have entered the market, Nationwide continues to be the premier provider of deferred compensation programs, with the goal of helping city workers prepare for retirement.

Today, with the economy struggling to right itself, Nationwide is working even harder to help individual city workers play financial offense by paying themselves and their futures first. “With 64 percent1 of households in the United States in jeopardy of not being able to maintain their standard of living in retirement, it’s clear that retirement savings can not be neglected,” said Louie Watson, Vice President of Strategic Relationships for Nationwide. “We realize that many workers are struggling to balance short-term financial needs, with long-term savings goals. City workers have an advantage over many in the private sector because they have access to workplace savings program. We want to make sure people are aware of the many benefits and resources available to them so they can take full advantage of their deferred compensation program.”Weyland explained that the Nationwide/USCM program is driven by three core operating objectives:

1. Program Review & Monitoring: Oversight of the program is exercised by USCM through its Finance and Audit Committee, which reviews program offerings, participant levels, cost infrastructure, and other important elements of the program. The Committee, which reports to the USCM Executive Committee, is comprised of mayors who hold USCM leadership positions.

2. Education; Awareness; Best Practices: Together, Nationwide and USCM work to promote the importance of saving for retirement and the critical leadership role mayors can play primarily via the award-winning USCM/Nationwide joint Save for Retirement Campaign.

3. Program Promotion: Mayors can depend on USCM and Nationwide to provide them with information and materials for use “right out of the box.” Tools and resources to promote save for retirement programs are available at www.usmayors.org.

Nationwide associates stand ready to help mayors and their cities prepare workers for retirement. For more information please contact Kathryn Kretschmer-Weyland at 301-351-4350 or kweyland@usmayors.org, or Jeff Bean at 202-446-8140 or jbean@usmayors.org.

1. Center for Retirement Research at Boston College, National Retirement Risk Index 2009