Nationwide to Waive Fees for New Retirement Plan Clients in 2020
The goal is to help sponsors address COVID-19’s impact.
Nationwide Retirement Plans has announced a temporary financial relief program for plans that move to Nationwide this year.
“We recognize companies, families and individuals are facing financial challenges right now due to the pandemic, and we’re here to support plan sponsors and their participants to help ease their burden during these challenging times,” says Eric Stevenson, president of Nationwide Retirement Plans. “We want to help businesses balance the costs of offering retirement plans with the vital need for their employees to prepare for a secure retirement—a challenge that has been exacerbated by recent market volatility and uncertainty.”
The fee waiver is available on Nationwide’s flagship Flexible Advantage retirement plan solution, beginning August 1. If eligibility criteria are met, Nationwide will waive its portion of the plan’s asset fee for 90 days from the date of the first deposit to Nationwide.
Nationwide first debuted Flexible Advantage in 2011. It offers a variety of investment options without proprietary fund requirements, alongside what the firm calls fee transparency, fee-based compensation and comprehensive support. Nationwide developed the offering for advisers who are predominantly fee-based and earn 60% or more of their revenue from retirement plans.