Nationwide Mutual Insurance Company

FINALIST

Jenny Gunckle
Director, Retirement Programs

Location:

Columbus, Ohio
Industry:

Insurance/Financial services
Plan(s) Offered:

401(k); active defined benefit plans; executive compensation plans; nonqualified deferred compensation plans; health savings accounts and retiree health care benefits
Plan Assets:

$13B+
Number of Participants:

401(k) – 40,000+; DBs – 50,000+
DC Plan Participation Rate:

98%
DC Plan Average Deferral Rate:

9%
Automatic Enrollment:

Yes
Automatic Escalation:

Yes
Default Deferral Rate for Auto-Enrollment:

6%
Default Investment Fund:

Age-appropriate target-date fund
DC Plan Employer Contribution:

50% of 8%
Recordkeeper:

Fidelity Investments; NQDCs - Newport
Plan Adviser:

Various
Financial Wellness Educator(s):

Fidelity Investments; Edelman Financial Engines; et al.

Nationwide staff receive a fully employer-funded cash balance pension, providing lifetime income, and are automatically enrolled into the 401(k); 99% participate. The firm contributes 7% to 11% of total compensation to participant savings annually. Those earning above the Social Security wage base or receiving the retiree health care credit may receive more. Investment options include managed accounts for custom advice. Employees are offered health savings accounts, which include company contributions, and retiree medical benefits. In a total benefits survey, with over 15,000 responses, 93% rated Nationwide’s retirement plans as average or better; 51% said, better.

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