Tap New Insights Into Current Trends at USCM 78th Annual Meeting
June 7, 2010
Nationwide is Your Trusted Source for Retirement Education
Nationwide Retirement Solutions (NRS) is proud to participate in the United States Conference of Mayors 78th Annual Meeting. For more than 30 years, the Conference of Mayors and city employees have looked to NRS for retirement plans and services they can trust. As part of their service to the Conference of Mayors, NRS will be on hand at this year’s meeting to raise awareness of the current issues facing investors and provide new insights for the future.
New Challenges Ahead
The recent past has created significant challenges for 2011 and beyond. Some of the trends indicate that public employees may be facing a steep uphill climb to reach their goals for retirement.
Studies from the Employee Benefit Research Institute and Boston College’s Center for Retirement Research Institute are reporting new pressures on older employees to stay in the workforce longer and increased stresses on retirement savings caused by the recent financial crisis:
Since 1993, workers aged 55 or older have increased by 10 percent due, in part, to shortfalls in projected retirement incomes.
Between October 2007 and March 2009, a sharp decline in equity prices challenged all age groups, but particularly late baby boomers, to seek unrealistic returns on their current investments.
Solutions Employees Can Use
In the aftermath of the recent financial crisis, employees should be aware that their current savings strategy might not be enough to reach their retirement goals. As they look for guidance, the Conference of Mayors and NRS can provide them with solutions.
Nationwide’s USCM deferred compensation program can be an effective way for employees to overcome potential shortfalls in retirement savings. To date, nearly 4,000 cities and municipalities have chosen NRS as their retirement plan provider, and nearly 1.6 million government employees in total.
The program provides employees with the opportunity to enjoy tax-deferred growth from their investments, which may help their assets compound faster. And, unlike some other retirement plans, the USCM deferred compensation program does not require participants to be over 59 ˝ years old to receive penalty free withdrawals.
Create New Opportunities
New challenges create new opportunities. NRS can help you and the employees you serve transform past volatility into future solutions. To learn more, we invite you to seek out an NRS representative at this year’s Conference of Mayors Annual Meeting, or call your local NRS office today.
Contact Louie Watson, NRS Vice President of Strategic Relationships at 614-854-8895 or watsonL2@Nationwide.com or Kathryn Kretschmer-Weyland with the Conference of Mayors at 301-460-5251 or kweyland@usmayors.org.
Sources: “Returns on 401(k) Assets by Cohort”, Center for Retirement Research at Boston College (CRR), March, 2010
“2010 Retirement Confidence Survey”, Employee Benefit Research Institute (EBRI), 2010.
NRS works together with Conference of Mayors to provide members with a competitive deferred compensation program. As part of this partnership, NRS makes payments to Conference of Mayors in exchange for Conference of Mayors’s exclusive sponsorship of NRS products made available under the program. For more information, including amounts paid, NRS encourages you to visit NRSforu.com.
©2010 Nationwide Retirement Solutions, All Rights Reserved. Nationwide, On Your Side, and the Nationwide framemark are service marks of Nationwide Mutual Insurance Company.
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