CHICAGO, Jun 24, 2002 Nationwide Retirement Solutions, and Morningstar Associates, LLC, a leading provider of online investment advice, today launched the largest investment planning program of its kind for public sector employees.
Beginning today, Nationwide Retirement Solutions, a leader in public sector deferred compensation retirement plans and education, is offering its more than 8,200 public sector plan sponsors, representing 1.5 million participants, the option of accessing Morningstar® ClearFuture®, a sophisticated, yet easy-to-understand retirement planning service.
This launch marks the first time hundreds of thousands of public sector employees throughout the country will receive immediate access to integrated retirement planning tools.
Nationwide Retirement Solutions said about 8,100 of its plan sponsors, representing 700,000 participants, have opted to receive the service today, with the majority of remaining sponsors expected to elect it by year-end. Public sector employees who are enrolled in retirement plans serviced by Nationwide Retirement Solutions will now have access to Morningstar® ClearFuture® simply by logging onto www.nrsforu.com or their plans' Web sites.
"Whether it's a two-person water district or a city, county, or state that employs thousands of people, public sector employees deserve comprehensive retirement plan education," said Karen Eisenbach, senior vice president of marketing and education for Nationwide Retirement Solutions. "With today's changing economic environment, plan participants need more support as they prepare for retirement. Nationwide Retirement Solutions is committed to offering advanced education and retirement solutions to the public sector, whether it's online, in writing or through our representatives."
"Morningstar has been preaching the virtues of fundamental investment planning for nearly 20 years and provides sophisticated tools to help investors make better decisions to reach their financial goals," said John Rekenthaler, president of Morningstar Associates.
"The alliance between Morningstar Associates and Nationwide Retirement Solutions represents the first time two leading companies have come together to deliver investment education, planning, and guidance to thousands of public sector plan sponsors nationwide--representing hundreds of thousands of employees," said Rekenthaler. "Together, we offer public sector plan participants the depth and breadth of Morningstar's objective investment research, the superior technology behind Morningstar® ClearFuture®, and comprehensive retirement plan education and support from Nationwide Retirement Solutions."
Morningstar offers online investment education, research, asset allocation, and advice service for all levels of investors. ClearFuture gathers detailed financial information from participants to provide investment suggestions for their retirement plans. Basing its analysis on both retirement and nonretirement assets, ClearFuture offers participants such tools as personalized goal planning, retirement income analysis based on enhanced simulations, and an innovative "bear market simulator" that tests risk tolerance.
Morningstar® ClearFuture®'s online tools will be combined with enhanced educational materials and customer service support from Nationwide Retirement Solutions.
About Nationwide Retirement Solutions Inc.
Nationwide Retirement Solutions, with $26 billion in assets under management as of year-end 2001, is the Nationwide Financial Services subsidiary that provides investment, education, and administrative service solutions for the 1.5 million state, county, and municipal employees and 8,200 public sector plan sponsors across the country. For more information, visit www.nrsforu.com.
Nationwide Financial Services, Inc. (NYSE: NFS), based in Columbus, Ohio, is a leading provider of annuities, life insurance and retirement plans with more than $113 billion in assets under management in 2001. For more information about Nationwide Financial, visit www.nationwidefinancial.com.
About Morningstar, Inc.
Chicago-based Morningstar, Inc. is a global investment research firm offering an extensive line of print, software, and Internet-based products and services for individuals, financial advisors, institutions, and the media. The company is a trusted source for investment information, data, and analysis of stocks, mutual funds, exchange-traded funds, closed-end funds, and variable annuity/life subaccounts.
Morningstar® ClearFuture® is provided by Morningstar Associates, LLC, a registered investment adviser and a wholly owned subsidiary of Morningstar, Inc.