NU Online News Service, Nov. 19, 2004, 10:31 a.m. EST
A Midwestern insurer has won a government retirement plan account.[@@]
Kansas City, Mo., has awarded the retirement unit at Nationwide Financial Services Inc., Columbus, Ohio, a 5-year contract to administer a 457 deferred compensation plan contract with 2,900 participants and $88 million in assets.
The current plan administrators are ICMA Retirement Corp., Washington, and a U.S. unit of ING Groep N.V., Amsterdam.
Nationwide will cut the number of investment choices offered to 16. In the past, the old plan managers offered a menu of 60 funds.
Nationwide believes the shorter menu will make investing easier for plan participants, the company says.