Nationwide Retirement Plans is offering a retirement plan designed to emphasize clear mutual fund fee disclosure.
The product, Clear Advantage, is a response to a growing demand by government, plan sponsors and participants for more plan fee information, says Nationwide Retirement, a unit of Nationwide Mutual Insurance Company, Columbus, Ohio.
More than 70% of investment professionals Nationwide surveyed said they prefer or would be open to a plan with more visible fees, the company says.
“We don’t want to wait for government mandates to do what we know is right,” says Nationwide Retirement President Matt Riebel.
Clear Advantage openly reveals pricing to plan sponsors and allows each plan to track investment performance, Nationwide says.
The plan features clear statements of credits paid back to the plan by mutual funds, a choice of 150 retail funds and no requirement to choose any of Nationwide’s own funds.