NU Online News Service, Oct. 8, 12:29 p.m. – Nationwide Financial Services Inc., a Columbus, Ohio-based provider of personalized solutions for retirement living, announced today the addition of the Best of America NAV Elect to its Best of America Group Pension Series.
“Our NAV [Net Asset Value] Elect program fills the gap for clients looking for simpler pricing alternatives,” says Donald Jones, national pension sales manager for Nationwide Financial. “A key feature of NAV Elect is that it does not require the selection of proprietary funds. We believe that proprietary fund requirements make it difficult for plans to meet their fiduciary obligations.”
NAV Elect targets plans with $5 million to $10 million in plan assets and offers more than 25 mutual funds from six fund houses, Nationwide says. The program is free of asset fees or termination charges, and will be available through investment professionals, financial planners and third party administrators, the company says.