A NRS news release said that Nationwide Investment Advisors, LLC has retained Wilshire Associates as the independent financial expert to select and monitor investments so that participants in the new ProAccount program do not have to.
Based on a participant ‘ s personal profile, age and risk tolerance, ProAccount will create an investment strategy that seeks to enhance diversification, increase returns and control risk, the announcement said.
Nationwide is also making the new FundGuard product available to its 457 plans. This new feature protects a participant ‘ s account so no matter what happens to the market, their initial investment is protected; and at the same time, their investments have the opportunity to grow, the news release said.
For example, a participant who has a principal balance of $30,000 in their 457 plan can choose a five-, seven- or ten-year term of guarantee.
At the end of the elected term, FundGuard will make sure that if the stock market does well, the participant keeps the gains or if the account value is lower at the end of the term, FundGuard makes up for the loss by applying a credit to the account, returning it to its initial $30,000 balance.
“ Many participants find selecting the appropriate financial products and services complicated, which often prohibits them from investing correctly or saving at all, “ said Matt Riebel, president, Nationwide Retirement Solutions, in the news release. “ Our goal is to simplify the retirement savings process by giving participants the tools they need to invest with confidence. “
For more information, call 877-677-3678.