trouble making sure that the notices and all the right summary
plan descriptions and notices of change of investment options to
participate are being sent not only to their active employees, but
to the employees who have moved on and still have remaining
balances with the plan.
As far as 3( 16) goes, we’ve got Pension Financial Services, and
they are great—a third-party administrator (TPA) that we use
a lot that will step in to handle the administrative functions of a
3( 16), overseeing the mailings and the notices.
Kissler: We talked earlier about the flexibility that our platform
offers to participants in choosing an investment solution that
feels right to them. When it comes to fiduciary services, we offer
the same range and flexibility to serve our advisers and firms.
Through our strong TPA network, we can offer 3( 16) administrative fiduciary services; through the Nationwide platforms, we can
offer both 3( 21) and 3( 38) fiduciary services for advisers who
want to utilize us for that. The same flexibility that we support the
participant with, we also support our advisers with, to help them
do business in the manner that they choose.
PA: How do providers adjust to the needs of advisers and plan
sponsors, given the changing regulatory landscape?
Kissler: The key is to have information early enough to adjust.
We have a presence on Capitol Hill keeping us informed about
the active discussions impacting our industry. This is a great
resource for us to have, as we are briefed on potential legislation
and how it may impact us internally, as well as advisers and plan
sponsors. We condense this information into quarterly confer-
ence calls available for all advisers, and we’ve had great partici-
pation over the past few years.
Another Nationwide resource available to plan sponsors and
advisers is our Advanced Consulting Group. These specialists
help clarify regulatory and Employee Retirement Income Security
Act (ERISA) law and other industry trends, and are available to
our business partners.
PA: And to that point, Rob, are there other ways that providers
keep a pulse on the needs of retirement plan advisers?
Kissler: If you look at our platform that we call Nationwide
Retirement Flexible Advantage, we pulled a small group of
advisers together, prioritized their needs and built essentially what
the advisers wanted. We like to say that that program was built
by advisers for advisers. And like any recordkeeper, we monitor
industry news and regulations on a daily basis. We also—through
all of our touch points with our customers, advisers, administrators, sponsors and participants—we keep abreast of plan sponsor
and participant pain points. We monitor what barriers exist, and
find ways to make retirement saving easier.
Everybody here at Nationwide, on a daily basis, is focused on
helping Americans prepare for and live in retirement. As an
American-based company, we take that job very seriously. And
right now we feel our best opportunity to do that is to work with
advisers like Hollis, who are highly engaged with both the sponsor
and the participants, to offer our advisers the most flexibility and
control through our suite of services, products and fiduciary offerings. This allows advisers to choose what feels right to them as
they put a plan in place to enable participants, over the long-term,
to prepare for retirement. n
The Nationwide Group Retirement Series includes unregistered group fixed and variable annuities and trust programs. The unregistered
group fixed and variable annuities are issued by Nationwide Life Insurance Company. Trust programs and trust services are offered
by Nationwide Trust Company, FSB a division of Nationwide Bank. Nationwide Investment Services Corporation, member FINRA.
In MI only: Nationwide Investment Svcs. Corporation. Nationwide Mutual Insurance Company and Affiliated Companies, Home Office:
Columbus, OH 43215-2220.
This is being provided for informational purposes only and should not be construed as investment, tax, or legal advice or a solicitation
to buy or sell any specific securities product. Nationwide and Lamon & Stern are separate and unaffiliated companies.
Nationwide, the Nationwide N and Eagle, Nationwide is on your side, Nationwide Retirement Flexible Advantage, Nationwide
ClearCredit are service marks of Nationwide Mutual Insurance Company. © 2014 PNV-0260AO (09/14)
a p p ro v als
“Partnering with the right provider to build something
unique for each client is critical.” — Hollis Lamon