The city of Memphis has agreed to have a unit of Nationwide Financial Services Inc. run its 457 deferred compensation for 5 more years.
Nationwide, Columbus, Ohio, has been administering the Memphis deferred compensation plan for 22 years.
The plan has about 5,600 participants.
The renewal contract calls for Nationwide to supply recordkeeping, marketing, education and investment management services, the company says.
The Nationwide Life Fixed Annuity contract is a major component of the city plan’s “blended fixed” investment option, Nationwide says.