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Nationwide To Administer Kansas City 457 Plan

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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.