Following a thorough selection process involving key stakeholders, including Union representatives, Nationwide was selected as the best evaluated bid. We look forward to working with Nationwide to provide a best in class participant experience.
Your current account demographic information will be transferred from ICMA-RC to Nationwide. You will be receiving further direction from Nationwide detailing next steps to enroll in online access for your account. Please see items 10-15 below for further investment related information.
As we are transitioning, we strongly encourage you to confirm your demographic information is correct. It is also strongly recommended that you confirm, and update if necessary, your beneficiary information during this time.
Loans are currently allowed, and will continue to be allowed, in the 401(a) Plan. Your current loans will transfer to Nationwide, and you will continue to repay them via the same method you do today.
If you currently have an outstanding loan with ICMA-RC, your loan fees will remain unchanged.
Any new loans originated with Nationwide will be subject to Nationwide’s fee schedule. This fee schedule is comparable to ICMA-RC’s.
Refinancing of principal residence loans will not be allowed after the transition to Nationwide. If you have any questions or concerns related to your current principal residence loan, please contact ICMA-RC by April 9, 2021, or Nationwide starting on April 29, 2021.
Currently, nothing is required on your part, but we strongly encourage you to come back to this website on or after 4/29/2021 to create your online account. You will be receiving a letter from Nationwide via the US Postal Service around 4/26/2021 that contains your account number. Please keep the letter as you will need your account number to create your online account. If you lose it, you may contact Nationwide at 877-677-3678 to get your account number. NOTE: Nationwide treats your account number as confidential information and will rigorously verify your identity before providing it. Please be prepared to provide your employee ID number (current employees) or other personal identifying details when you call.
This is also the perfect opportunity to make sure your address, beneficiary, and investment options are up to date.
Please also be mindful of the various investment related deadlines mentioned in items 12-14 below.
While nothing is currently required, please pay close attention to item 16 below as it relates to your current 457(b) deferral election as the deferral election process is changing as we transition to Nationwide.
Yes, participants will have access to periodic on-site visits from Nationwide’s Certified Financial Planner®. Additionally, Nationwide’s team of in-house Personal Retirement Consultants are available for over-the-phone meetings during extended business hours. These services are offered to participants at no additional cost.
3/24/2021 - 3/31/2021: Receipt of Transition Guide from Nationwide that will include a more detailed look at the transition process along with dates and times of upcoming virtual transition workshops hosted by Nationwide
4/9/2021: Last day to request a distribution from ICMA-RC, submit a loan request, and/or make a decision about assets in the VT Retirement Income Advantage Fund (see item 13 below for more information)
4/9/2021: Last day to make a 457(b) deferral change through ESS
4/18/2021: Last day to complete any investment exchanges at ICMA-RC prior to transition, including exchange of assets from the ICMA-RC Vantagepoint Plus Fund (see item 12 below for more information)
4/19/2021 - 4/29/2021: Blackout period in which no transaction can be accepted or processed by ICMA-RC or Nationwide
4/26/2021: Approximate date you should receive a letter from Nationwide that includes your account number (see item 5 above for more information)
4/29/2021: Anticipated first day you can set-up your online account at Nationwide (see item 5 above for more information)
4/29/2021: First day to make 457(b) deferral changes through Nationwide
4/30/2021: Last day to make 457(b) deferral changes to be effective in May 2021
BWL’s Contract with Nationwide pertains only to the 401(a) Defined Contribution and 457(b) Deferred Compensation Plans. BWL will have the opportunity to vet and review other offers during the contract period, but you will not be contacted regarding other products unless approved by BWL.
From now through 4/25/2021, please continue to contact ICMA-RC at 800-669-7400 if you have questions about your 401(a) Defined Contribution or 457(b) Deferred Compensation accounts, including questions related to investment changes.
Beginning 4/26/2021, please contact Nationwide at 877-677-3678 if you have questions regarding the transition. Specific 401(a) Defined Contribution or 457(b) Deferred Compensation account information will be available 4/29/2021.
Yes, ProAccount is Nationwide’s professionally managed service available to participants through Nationwide Investment Advisors. This service is offered to participants at a similar fee structure to that of ICMA-RC’s.
If you are currently enrolled in the managed account service at ICMA-RC, you will be receiving a letter from Nationwide in the coming weeks that outlines your next steps and available options. Please note that this communication WILL NOT be available electronically.
Nationwide offers a self-directed brokerage account service to participants through Charles Schwab. Holdings within TD Ameritrade, recently acquired by Charles Schwab, will be transferred directly to Charles Schwab upon transition to Nationwide. Upon transition, you will be required to create an account on the Charles Schwab platform.
If you are currently enrolled in the Vantage Broker TD Ameritrade self-directed brokerage account at ICMA-RC, you will be receiving a letter from Nationwide in the coming weeks that outlines your next steps and available options. Please note that this communication WILL NOT be available electronically.
Since this is an ICMA-RC proprietary fund, certain restrictions apply. If you take no action, your balance will remain in this fund until 12/21/2021. At that time, your balance will be transferred to the Nationwide Stable Value Fund. If you would like to exchange assets out of this fund and into another investment option available in the plan before 12/21/2021, you will need to make an update through ICMA-RC by 4/18/2021. At that point, only qualified withdrawals are permitted until the balance transfers. If you have further questions regarding this fund, please contact ICMA-RC at 800-669-7400.
Since this is an ICMA-RC proprietary fund, certain restrictions apply, and this fund will no longer be available after our transition to Nationwide. If you are currently invested in the VT Retirement Income Advantage Fund, your options are noted below:
i. If your aggregate balance in the fund is greater than $20,000, you can rollover the Market Value and guarantees to a Prudential SmartSolution IRA. This must be done by 4/9/2021.
ii. You can transfer your balance from the VT Retirement Income Advantage Fund to other investments available within the plan. This must be done by 4/9/2021.
iii. If you take no action, your balance will be automatically transferred, upon transition to Nationwide, to the Vanguard Target Date fund that most closely aligns with the year you turn age 65.
If you choose to take action related to your balance in the VT Retirement Income Advantage Fund, this must be done by contacting ICMA-RC at 800-669-7400 prior to 4/9/2021.
While you are able to keep your IRA at ICMA-RC, you will no longer be able to fund it through BWL payroll deduction. The pay period ending 4/10/2021, with a pay date of 4/15/2021, will be the last opportunity to fund this IRA through BWL payroll deduction.
There will be no IRA option available with Nationwide immediately at transition, but it is our intent to offer a similar, payroll deduction funded IRA shortly after the transition.
If you currently have an IRA at ICMA-RC, you will be receiving a letter in the coming weeks that outlines your available options if you wish to continue contributing to the IRA.
How do I know if I currently have an IRA at ICMA-RC?
i. You can check your most recent pay statement under the “Deductions” section for a line item as seen below. If this is on your pay statement, you currently have an IRA at ICMA-RC that is being funded through payroll deduction.
ii. You can login to ICMA-RC’s participant website (icmarc.org) and look for the IRA Account section as seen below. If this is present, you currently have an IRA at ICMA-RC.
The fund lineup offered at Nationwide will remain largely unchanged from the current offering at ICMA-RC. Please see the table on the final page, and related footnotes, for the full fund lineup transition.
Please note that this applies to active employees only.
As we transition from ICMA to Nationwide, the way you elect your 457(b) deferrals will change. Currently, you can utilize the Employee Self Service (ESS) portal to make changes to your 457(b) deferrals throughout the year. After April 9, 2021, you will no longer be able to make 457(b) deferral changes through ESS. Instead, beginning April 29, 2021, you will make 457(b) deferral changes through Nationwide’s website, by calling Nationwide, or by submitting a form to Nationwide. Utilizing Nationwide’s platform for this will create a more streamlined and efficient payroll process while creating a “one stop shop” for all of your retirement plan services.
Also, beginning April 29, 2021 any 457(b) deferral changes will no longer take effect until the first pay date of the following month (In rare cases, based on payroll processing deadlines, it may not take effect until the second pay date of the following month.).
Important Upcoming Dates Related to 457(b) Deferral Changes
i. April 9, 2021 – Last date to make 457(b) deferral changes through ESS
ii. April 29, 2021 – Nationwide’s site is live for participants
iii. April 29, 2021 – First date to make 457(b) deferral changes through Nationwide
iv. April 30, 2021 – Last date to make 457(b) deferral changes to be effective in May
Reminder: Effective April 29, 2021, you may contact Nationwide via phone at 1-877-677-3678 or by logging in to your account. No 457(b) deferral changes will be allowed between April 9 – April 28, 2021. The BWL HR team is available to help respond to transition questions and provide you with Nationwide contact information via email at email@example.com or by calling 517-702-7011.
Please note that this FAQ document is intended to assist participants through the transition period only. Information contained in this document is subject to change at any time.