The board of the New York State Deferred Compensation Plan hasrenewed its relationship with Nationwide as the provider of its457(b) plan for an additional seven years.

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The original relationship began in 2003, and the new contractbegins April 1, 2016.

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The 457(b) plan is similar to private-sector 401(k) and 403(b) plans, used by stateand local governments for their employees. Contributions to a457(b) plan grow tax-free until retirement or termination ofemployment. Albany-based NYSDCP is available to all employees ofthe State of New York, and more than 1,400 local governments in thestate choose to offer it to their employees.

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During the 12 years that the plan has been provided byNationwide, its assets have more than tripled, growing from $5.5billion to $18.4 billion, and the number of plan participants hasincreased from 145,000 to 210,000. Today, the participant averageaccount balance of $87,600 is nearly 50 percent more than theindustry average.

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Read: Recordkeepers can influence 401(k)contributions

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Among the services Nationwide provides under the terms of thecontract is personalized retirement support from almost 50Nationwide employees who live in the state. Its Troy, NY-based callcenter provides a help line that employees can call for educationand assistance. The call center fields an average of 20,000 callsmonthly and is open six days a week.

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Read: A better way to give 401(k)advice

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Nationwide is the largest provider of public-sector retirementplans in the U.S. Its retirement plans business serves more than2.1 million retirement plan participants in nearly 39,000plans.

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