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Nationwide Selected to Serve San Diego County Deferred Compensation Program

Posted on: Wednesday, 17 September 2008, 12:00 CDT

Nationwide Retirement Solutions today announced that it has been chosen as the retirement plan provider for the San Diego County Deferred Compensation Program.

After a competitive bid process and the recommendation of the Source Selection Committee, the County of San Diego Board of Supervisors voted on July 22 to award the contract to Nationwide. Once finalized, Nationwide will provide plan administration, recordkeeping, and participant education services for the next three years with two optional one-year extensions.

The County currently has more than $768 million in assets in its deferred compensation plans and has approximately 18,000 employees.

"We look forward to working with San Diego County and are honored to have been selected as the County's plan provider," said Matt Riebel, president of Nationwide Retirement Solutions. "With more than 61 percent of America's workers at risk of being unable to maintain their standard of living in retirement(1), helping the County's employees take the necessary steps to protect their financial futures is now more important than ever."

Nationwide will provide local service and support to the plan by staffing an office in San Diego and providing bi-lingual services to help serve all plan participants.

"The selection of Nationwide was made after an extremely thorough and objective procurement process that took nearly one year to complete," said Dan McAllister, Treasurer-Tax Collector and Plan Administrator. "We are confident that Nationwide will provide our participants and employees with best-in-class services at the most reasonable cost."

The County was assisted in its request for proposal process by The Glading Group, retirement plan consultants located in Montclair, New Jersey.

About Nationwide Retirement Solutions

Nationwide Retirement Solutions, founded in 1973, is a subsidiary of Nationwide Financial Services, Inc(R). The company provides recordkeeping, education and administrative services for public employee defined contribution plans and serves more than 1.55 million government employees with more than $45.2 billion in assets under management.(2)

Nationwide, Nationwide Financial and the Nationwide Framemark are federally registered service marks of Nationwide Mutual Insurance Company. On Your Side is a service mark of Nationwide Mutual Insurance Company.

(1) Center for Retirement Research at Boston College, National Retirement Risk Index, 2008

(2) Company records as of May 2008

Source: Business Wire

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