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NACo Deferred Compensation Program Update
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- Parent Category: Partners
Recent headlines and the current economic climate highlight the importance of making sure personal and retirement investments are with a financially strong company.
As part of its oversight of its Deferred Compensation Program, NACo hires an independent consultant to evaluate several different program aspects. These include the creditworthiness of Nationwide Financial, the parent company to our program administrator, Nationwide Retirement Solutions, and the competiveness of the fixed annuity investment option return to our program participants.
In their analysis of the creditworthiness of Nationwide, the consultants noted that while Nationwide continues as a strong organization even though in 2008 it was downgraded, due in part to the general economic conditions as well as some of those related specifically to the insurance industry. In some of the indicators against which Nationwide was evaluated, they continued very strong; in others, their position weakened from the prior year. NACo and the NACo Deferred Compensation Advisory Committee will continue to monitor Nationwide as economic conditions change in 2010.
The NACo deferred compensation program, also known as a 457 program, is a voluntary investment program that gives county employees the opportunity to save regularly for their retirement on a pre-tax basis. One of the investment options available to participants is a fixed annuity that offers county employees the opportunity to earn an investment return at a fixed rate that is established quarterly by Nationwide. In addition, on an annual basis, Nationwide sets an investment rate minimum (or floor) for the year.
According to the study, the 2008 return on this investment option placed highest among its competitors. The report was released at the November 4, 2009 meeting of NACo’s Deferred Compensation Advisory Committee, held in Monterey County, California. This study has been conducted every year since 1989, and the NACo program has always come out on top. “Our 29-year partnership with NRS continues to deliver a quality program that helps county employees save for a more comfortable retirement – this is more important than ever in today’s economy,” said Larry Naake, NACo executive director.
The competitive interest rate test concluded that Nationwide met its contractual requirement to equal or exceed the top one-third of its competitors. This study reviewed the fixed annuity option offered by Nationwide and its nine largest competitors.
The consultants’ analyses are only one feature of NACo’s deferred compensation program that distinguishes it from others. As a result of NACo’s Deferred Compensation Advisory Committee, the NACo program is the only one in the country that receives oversight and is advised by county participants. It also benefits from the oversight and endorsement of 41 state associations of counties.
(For further information on NACo’s Deferred Compensation program, please contact Lisa Cole at NACo at 202/942-4270 or This email address is being protected from spambots. You need JavaScript enabled to view it. or NRS at 877/677-3678 or www.nrsforu.com.)
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- Parent Category: Partners
The Association of County Commissioners is proud to partner with the National Association of Counties (NACo).
NACo – The Voice of America’s Counties
The National Association of Counties (NACo) is the only national organization that represents county governments in the United States. Founded in 1935, NACo provides essential services to the nation’s 3,068 counties. NACo advances issues with a unified voice before the federal government, improves the public’s understanding of county government, assists counties in finding and sharing innovative solutions through education and research, and provides value-added services to save counties and taxpayers money. In August 2006, NACo was named one of nine remarkable associations in the United States after a four-year study conducted by the American Society of Association Executives and The Center for Association Leadership because of its commitment to members and purpose.
NACo’s membership totals more than 2,353 counties, representing more than 80 percent of the nation’s population.
With its headquarters on Capitol Hill, NACo is a full-service organization that delivers its services through its dedicated and skilled staff who comprise the following departments: Executive Office, Legislative Affairs, Public Affairs, County Services, Information Technology, Financial Service Center and Finance and Administration. NACo is involved in a number of issues and special projects that deal with homeland security, transportation, energy and environmental management, workforce development, geographical information systems, drug abuse and access to health care.
NACo understands the importance of strong public-private partnerships and is committed to assisting counties and businesses explore new, innovative ways of working together. Through the Enterprise Services Department, NACo offers county employees retirement, cooperative purchasing, debt collection and county reinsurance programs. In addition, businesses can participate in the NACo Corporate, Premier and Sponsorship Programs.
County officials and their staffs also participate through NACo’s 23 affiliates. These organizations are composed of officials who share similar responsibilities, interests or knowledge areas. To keep county officials informed, NACo publishes a biweekly newspaper, County News, with a circulation of 29,000 that focuses on issues and actions in Washington, D.C. and NACo e-News, an electronic newsletter, sent biweekly to 25,000 members keeping them informed of new NACo products and services.
NACo’s committees, whose members include county officials from every region of the country, are charged on an annual basis with evaluating issues and policies. Their policy development process leads to the publication of the American County Platform, which NACo uses as a guide to deliver county government’s message to the Administration, Congress and the American public.
For more information, please visit http://www.naco.org/
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