According to a press release, the Nationwide Bill of Rights educates plan sponsors about their responsibilities and helps them make sure they are doing the right things for their plan. The Nationwide Fiduciary Warranty outlines the plan sponsor’s fiduciary obligations and defines Nationwide’s commitment to stand by them should their investment decisions come into question.
The Bill of Rights outlines Nationwide’s commitment to helping investment professionals strengthen their client’s retirement plans by offering:
- fiduciary tools – access to a Model Investment Policy Statement with in-depth fund analysis and monitoring tools and regular plan-level reporting including detailed investment analysis;
- fund selection – programs that offer a range of investment options – from several hundreds to more than 1,000 investment options;
- choice for employees, without increasing fiduciary risk – a mutual fund window with no trading fees, self-directed brokerage and managed accounts from multiple money managers;
- resources to help plans get in compliance and stay in compliance, including Nationwide’s fiduciary handbook, 404(c) checklist, due diligence file checklist and plan fiduciary meeting checklist;
- full fiduciary protection – Nationwide has been named as an approved provider of retirement programs by the American National Bank of Texas, who will, for an additional fee, become a full-service discretionary trustee.
“Investment professionals often only get a few hours a year to meet with a plan’s trustees. Nationwide wants to make sure that they are able to make best use of that time. The Nationwide Bill of Rights provides a solid foundation for a due diligence conversation,” said Joe Frustaglio, national sales manager for private-sector retirement plans, in the announcement.
Investment professionals can obtain more information by visiting www.nationwide.com/rpsales or by calling 800-626-3112.