By Kathryn Kretschmer-Weyland
May 11, 2009

As the uncertainty of the investment markets as well as the economy in general continues to concern workers trying to prepare financially for their retirement, many find themselves dealing with questions or worries about their retirement accounts well after business hours. Nationwide recognizes this need and has responded by extending its hours of service to the retirement-plan participants of the cities, counties and other governmental entities it serves.

Effective May 18, Nationwide’s call centers will remain open until 11 p.m. Eastern Time, Monday through Friday. In addition, Nationwide is reinforcing its commitment to processing requests received by 4 p.m. ET on the same day every day.

“Our country has often faced uncertain economic times in the past, but the current situation has brought together a particularly volatile set of conditions and events that have led to a severe market downturn and a global economy that’s in crisis. Many organizations have been forced to curtail services.” Louie Watson, Vice President of Strategic Relationships for Nationwide Retirement Solutions, said

“At Nationwide, we believe times like these are not for pulling back. We’ve seen an upward trend in calls from public employees who are looking for answers about what to do next. In announcing these extended hours, we’re telling participants ‘Someone is here, ready to help you put things into context and help you review your strategy and risk tolerance,’ ” Watson added.

Recent surveys reveal that despite experiencing declines in both account balances and confidence, workers are still committed to saving for retirement. By and large, workers are also resisting the urge to tap into their retirement accounts. But only one out of every seven Americans is very confident of having enough money to live comfortably in retirement, half the amount with the same level of confidence two years ago, according to the Retirement Confidence Survey released in April 2009 by the Employee Benefit Research Institute.

Watson says this underlying concern is an opportunity for employers. “Plan sponsors can help employees understand that market turmoil happens from time-to-time, but history suggests conditions are likely to recover and rebound over the long term. Since most retirement plan participants are investing for the long-term, ‘staying the course’ may be their best option. Fortunately, Nationwide is enhancing services – such as keeping our call centers open until 11 – to help participants find and use the resources available through their employer’s deferred compensation plan,” Watson said.

As a mayor, you should know that finding creative solutions for city employers has been a hallmark of Nationwide’s service to the public sector, and especially USCM. As provider of the USCM Deferred Compensation Program, Nationwide has more than 30 years of collaborative experience in working with and developing solutions for our country’s leading city employers. We’re committed to helping city employers develop tax-efficient programs that not only meet employer needs but also address the long-term savings needs of employees. For more information on what Nationwide is doing to help participants succeed even during difficult economic conditions, contact Kathryn Kretschmer-Weyland with the U.S. Conference of Mayors by email (kweyland@usmayors.org) or by phone (301-460-5251) or contact Louie Watson, Nationwide Vice-President of Strategic Relationships, by e-mail (WatsonL2@Nationwide.com) or by phone (614-854-8895).