Thank you for your partnership! At Nationwide®, we are passionate about delivering solutions to our plan sponsors and participants that meet and exceed their unique retirement readiness goals. When we work together, we can create a brighter future for our customers. We are thrilled to be your chosen partner to help your participants prepare for and live in retirement.
We have continued to advocate for SECURE (Setting Every Community Up for Retirement Enhancement) 2.0 legislation to help modernize the retirement system in America. These important efforts help make it easier, give more access and increase possibilities to support working Americans’ journeys to financial wellness and a dignified retirement. Some of the key components of this legislation that we have keyed in on includes emergency savings, greater flexibility for 457(b) government plan participants by allowing them to adjust their deferral elections at any time, improved access for part-time workers and enhanced start-up and employer match tax credit to help America’s savers build toward financial security.
American workers value ready access to their retirement savings to help them during a financial emergency. In a recent Nationwide Retirement Institute® survey, it was found that over 70% of U.S. families would contribute to a retirement savings account that allowed them to withdraw up to $1,000 for emergency purposes. Offering this option would remove the either/or obstacle to participation for many workers. We are optimistic that the new legislation will include emergency savings and other key provisions that will promote increased savings and help strengthen financial security for more Americans.
Our team also continues to focus on delivering innovative products, such as our in-plan guarantee suite, that help America’s workers prepare for and live in retirement. Additionally, we are evolving our solutions and experiences to meet the needs of today and tomorrow by optimizing our technology to protect you and your participants, while backing this promise with our Account Pledge guarantee. Customer experience and service remain at our core, and we will continue to provide the award-winning experiences we are known for, and you expect from us.
Despite headwinds such as market volatility, inflation, and recessionary concerns, we continue to focus on what we can control, showing resiliency, and living up to our mission to protect people, businesses, and futures with extraordinary care. We are hopeful for a sooner-than-later rebound in our economy as the Fed focuses on getting inflation under control. Even during times of adversity, Nationwide remains a strong and stable Fortune 100 company.
There are many things to look forward to in 2023, and we are proud to be your continued partner.
Happy holidays and warm wishes,
President, Nationwide Retirement Solutions