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Nationwide Takes Charge Of New York State Retirement Plan

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NU Online News Service, June 18, 2003, 3:22 p.m. EDT – The New York State Deferred Compensation Plan has turned administration of 153,000 participants and $5 billion in assets over to the retirement services unit at Nationwide Financial Services Inc., Columbus, Ohio.

Nationwide will handle recordkeeping, participant service, statement rendering and plan sponsor reporting.

CitiStreet, a joint venture owned by State Street Corp., Boston, and Citigroup Inc., New York, previously administered the plan.

Nationwide notes that it designed the transition so that the shift reduced participant account access for only five business days.