Nationwide Financial Services Inc. has agreed to sell the 401(k) Company Inc. to Charles Schwab Corp. for $115 million in cash.

The 401(k) Company, Austin, Texas, provides defined-contribution plan administrative and record-keeping services to large employers in the large-case market. As of Sept. 30, it managed assets totaling almost $22 billion for 100 companies with 400,000 participants.

When the transaction is complete, Nationwide Financial, Columbus, will still administer around $26 billion in private-sector retirement plans.