The city of Sacramento, Calif., has selected Nationwide to serve as the sole provider of its two defined contribution plans, a 457 and 401(a). The two plans have approximately $441 million in combined assets from about 5,700 participants.
“After a competitive search process, the City of Sacramento chose Nationwide based on our ability to deliver exceptional service and value,” Eric Stevenson, a senior v.p. in Nationwide’s public-sector retirement plan services, stated in a release. “Nationwide demonstrated its emphasis on the participant experience and how Nationwide has a strong, local-market presence with the ability to provide city employees the on-site, personal attention and educational services they need to plan for a secure retirement.”
ICMA-RC previously served as the city’s provider, according to plan documents. A representative for the firm did not immediately respond to a request for comment. The transition of the plan to Nationwide’s platform is expected to be completed in the fourth quarter of 2017.