Products June 21, 2010

Nationwide Increases Annuity Payouts

Nationwide Financial Services, Inc is now providing enhancements to its variable annuity lineup. 
Reported by

The changes include increased client payouts for the optional Nationwide Lifetime Income Rider (Nationwide L.inc) and a new B-share variable annuity, Nationwide Destination B, the company said.

Nationwide recently announced that, due to recovering financial markets, it is increasing payout percentages for Nationwide L.inc for new contracts issued on or after May 1, 2010 with certain age restrictions.

The changes include:

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  • Increase from 5% to 5.25% for ages 65-80
  • Increase from 6% to 6.25% for ages 81+

“Many consumers are worried about the rising cost of health care, inflation and the possibility of outliving their assets,” said Eric Henderson, senior vice president of Individual Investments for Nationwide Financial. “Our recent enhancements to Nationwide L.inc provide an even higher level of guaranteed income to help advisers meet the needs of clients who are looking for a competitive living benefit that can provide a guaranteed stream of income in retirement.”

Nationwide Destination B is part of the Nationwide Destination Series, a single share class lineup of annuities designed to streamline the company’s annuity platform.

More information is at  www.nationwide.com.

Products June 21, 2010

Alabama-Based RK Opening Florida Branch

Employee Fiduciary Corporation, a 401(k) recordkeeper and third-party administrator, is opening a branch office in St. Petersburg, Florida, this month.
Reported by

The Mobile, Alabama-based company provides daily recordkeeping and retirement plan administration services to businesses and non-profit organizations nationwide. Greg Carpenter, CEO of Employee Fiduciary, said in the announcement the firm can save participants money by charging flat fees and by recapturing mutual fund revenue-sharing payments to the plan.  

“Opening a new office allows us greater flexibility for future growth. Employees are attracted to a company that presents the opportunities for growth and advancement,” said Carpenter. “Our new St. Petersburg office allows us to expand our servicing presence and helps us meet our hiring goals.”  

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More information about the company is at http://www.employeefiduciary.com.

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