A Nationwide news release said a ll of Nationwide Retirement Solutions’ 1.5 million participants will receive the new statement as it is phased into the company’s other retirement plans through 2005 and into 2006. The productreplaces participants’ quarterly activity statements and newsletters, according to the announcement.
In addition to providing summary and detailed account activity, the new statement uses graphics and information to urge participants to take actions such as increasing contributions and reviewing their investments, that will help them attain their financial goals in retirement, the announcement said.
“In our business, participants’ financial security in the future rides on the decisions they make today,” said Matthew Riebel, president of Nationwide Retirement Solutions, in the news release.
Nationwide will continue to encourage participant input through an online survey mechanism to be introduced in the near future, the news release said.