We are pleased to announce a new, long-term contract with Nationwide Retirement Solutions (Nationwide) to continue providing supplemental savings plans with solid investment choices and professional oversight for ASRS members. Nationwide has been an outstanding, trusted partner to our organization, and this new contract ensures they will continue to support our members' retirement goals for the foreseeable future.
As part of this new contract, we have secured even greater value for our participants. We have successfully negotiated a plan administration fee reduction from 0.06% to 0.043% of assets under management starting January 1, 2027.
What does this mean for you?
When investment fees go down, your savings potential goes up. Below is an example of how plan administration fees are applied, and how that translates into dollars:
• A 0.043% fee means you pay just $4.30 a year per $10,000 of investments
This exceedingly competitive fee means more of your savings stay in your savings account. Over a 20- or 30-year career, having a very low administrative fee can really add up and make a significant difference at retirement due to the compounding of returns.
Why participate?
If you aren't already participating in one of our supplemental savings plans, you may wish to consider the various benefits of saving through the ASRS SSP. These benefits include:
• Tax Advantages: Contributions can be made pre-tax, which lowers your current taxable income. Your money then grows tax-deferred until you withdraw it in retirement.
• Built for Flexibility: Start, stop, increase, or decrease your voluntary contribution amounts at any time throughout the year to match your personal budget.
• Professional Oversight: ASRS continuously monitors the investment options to ensure you have access to high-quality, professionally managed investment options.
Looking Ahead
If you already participate, you don't need to do anything to take advantage of these lower plan administration fees - they will automatically apply to your accounts starting January 1, 2027.
Ready to jumpstart your savings? For more information on Nationwide plans available to you as an ASRS member, visit our Supplemental Savings Plan page, reach out to your HR/Benefits team, or contact Nationwide at AzSRSP.com or 1-888-292-1401.
