NACo and Nationwide Retirement Solutions
The National Association of Counties partners with Nationwide Retirement Solutions (Nationwide) to provide county employees access to a competitive deferred compensation program.
The partnership was formed for the benefit of counties and their employees
After conducting a due diligence process, NACo chose Nationwide as its exclusive deferred compensation provider because it is believed that Nationwide is best qualified to provide the retirement education, comprehensive investment choices and superior service public employees need. Counties and their employees are free to choose Nationwide or any other provider for their deferred compensation program.
The partnership provides a valuable program to counties and their employees
As a result of NACo’s preferred partnership with Nationwide, participants benefit from NACo’s oversight and ongoing evaluation of the program to keep it competitive. Program oversight and ongoing evaluation include: utilizing an advisory committee of program participants, evaluating the effectiveness of the deferred compensation program, partnering with state associations of counties; conducting quality assurance work; providing feedback concerning participant satisfaction; assuring contract compliance through regular meetings with NRS and plan sponsors, and educating public employees about the program.
NACo receives a fee for services provided
NACo receives a fee from Nationwide in exchange for its sponsorship which is a common practice in the public sector market. Nationwide is permitted to use NACo’s name and logo in connection with the deferred compensation program. Fees are paid as a normal business/marketing expense. The amount provided to NACo varies each fiscal year based on a number of variables. This information is disclosed in the financial statements of both Nationwide and NACo.
The fees NACo receives enhance the deferred compensation program and services provided to public employees and their families and are also apportioned to state associations of counties for their endorsement and sponsorship. In 2010, the total fee received by NACo is $7,600,000. Nearly half of this fee is shared with 41 endorsing state associations of counties to help offset their costs of marketing, oversight and endorsement.