By Kathryn Kretschmer-Weyland
May 23, 2005

Conference of Mayors Platinum Member Nationwide Retirement Solutions has revamped its plan participant statements. The new statement is a customized educational piece that was rolled out to more than a half-million public-sector retirement plan participants last month. All of Nationwide's 1.5 million participants, including over 300,000 city employees, will receive the new statement as it is phased into all NRS retirement plans through 2005 and into 2006.

Designed to provide the education needed to better manage their employer'sponsored retirement savings accounts, the enhanced statement replaces participants' quarterly activity statements and newsletters. It was introduced to a large contingent of Nationwide plans during April's national Financial Literacy Month. This is a month devoted to helping people recognize, assess, and act upon information that affects their financial well-being.

In addition to providing summary and detailed account activity, the new statement uses graphics and information to compel participants to take actions such as increasing contributions and reviewing their investments. Such actions help participants attain their financial goals in retirement. A sampling of plan participants in a pilot program of the new statements showed overwhelming support for the change. Over 75 percent of plan participants polled said that the new statement is easier to read and comprehend.

"In our business, participants' financial security in the future rides on the decisions they make today," said Matthew A. Riebel, president of Nationwide Retirement Solutions. "Employers do their part by establishing 457 plans. That gives us the forum to provide the educational tools that can help participants take steps now that will put them on solid financial footing in retirement."

Nationwide will continue to encourage participant input through an online survey mechanism to be introduced in the near future. "Nationwide has a strong bias toward innovation," said Riebel. "The surveys will help us measure the appeal and effectiveness of the new statement, and most importantly, to learn how our plan sponsors and participants want it to evolve in the future."

NRS is committed to making financial education accessible for busy city employees. For more information on bringing NRS's retirement education, services, and expertise to employees in your city, contact Kathryn Kretschmer-Weyland with the Conference of Mayors at 301-460-5251 or send e-mail to kweyland@usmayors.org. You may also contact Katie Logisz with the Conference at 202-861-6739 or send e-mail to klogisz@usmayors.org.