August 2, 2010

If there’s one thing Lou Moreno doesn’t want to see happen, it’s a city employee letting an opportunity slip by – especially if that opportunity means getting financially prepared for retirement. As Regional Vice President for Nationwide Retirement Solutions (NRS), Moreno sees the most common reason for a missed opportunity is because the worker doesn’t recognize the need.

Yet studies suggest financial security is a top concern among workers from all walks of life. Studies conducted 2006-2009 by the Center for Retirement Research at Boston College (CRR) and separately by the Employee Benefits Research Institute (EBRI) suggest anywhere from 47 percent to 62 percent of U.S. households are “at risk” for not having enough financial resources to maintain their standard of living in retirement.

These studies are the latest to shed light on a serious problem, Moreno says. It’s one that has stirred his passion throughout his 30 years with Nationwide. “Public employees relying solely on their pension and Social Security to get them through retirement are likely to come up short when it’s too late to do anything about it.”

For more than 30 years, The United States Conference of Mayors has worked with NRS to offer the Conference of Mayors Deferred Compensation Program, a way for city employees to supplement their retirement savings. Moreno’s been an advocate for the program for nearly as long, having joined NRS – then PEBSCO – 30 years ago and eventually becoming Vice President for Nationwide’s South/Southwest Region in 2002.

Moreno says he looks to mayors actively support their deferred compensation plan, and use events such as National Save for Retirement Week, Oct. 17-23, as an opportunity to become even more visible about their support. “When mayors set the tone, city workers often respond. They often just need to see the mayor’s commitment to deferred compensation.”

“The more we can do to help city leaders – from the mayor on down the frontline supervisor – to encourage workers to seek out the information they need to make prudent financial decisions today, the better it is for the city and their employees,” Moreno said. “That’s why I’m so committed to the U.S. Conference of Mayors. USCM has long been a conduit for growth for the nation’s municipalities. Together, Nationwide and USCM can provide mayors the resources they need to be successful not only in promoting National Save for Retirement Week, but also helping city employees recognize the value of the USCM Deferred Compensation Program the city sponsors for their benefit.”

Moreno has been recognized several times for his advocacy for public employees. In 2009, he received the National Association of Hispanic Counties Officials (NAHCO) award for Hispanic Leader of the Year. And he won a John T. McHugh Award for response and commitment to the needs of America’s counties, their officials and their employees during Hurricane Andrew, a Category 5 hurricane that struck South Florida on August 24, 1992 leaving $26.5 billion in damage. Working with the Home Office, Nationwide implemented a paperless Rapid Response Unforeseeable Emergency System that is still in place today.

City leaders should know that finding creative solutions for employers has been a hallmark of NRS service to the public sector, and especially the Conference of Mayors. For more information on what Nationwide is doing to help city employees, even during difficult economic conditions, contact Louie Watson, Vice President of Strategic Relationships by e-mail WatsonL2@Nationwide.com or by phone 614-854-8895 or Kathryn Kretschmer-Weyland with the Conference of Mayors at 301-460-5251 or kweyland@usmayors.org.

Nationwide Retirement Solutions (NRS) works together with the Conference of Mayors to provide members with a competitive deferred compensation program. As part of this partnership, NRS makes payments to the Conference of Mayors in exchange for the Conference of Mayors’ exclusive sponsorship of NRS products made available under the program. For more information, including amounts paid, NRS encourages you to visit NRSforu.com.

Sources:

“Long-Term Care Costs and the National Retirement Risk Index”; Alicia H. Munnell, Anthony Webb, Francesca Golub'sass, and Dan Muldoon; Center for Retirement Research at Boston College, Issue Brief #9-07, April 2009.

Jack VanDerhei and Craig Copeland, “The EBRI Retirement Readiness Rating:™ Retirement Income Preparation and Future Prospects,” EBRI Issue Brief, no. 344 (July 2010).