Ohio-based Nationwide Financial Services has launched FDIC Insured Deposit Account, a new retirement plan offerings to help participants to achieve their retirement assets.
According to the Nationwide Financial, the new product offering is an interest earning account that provides retirement plan participants with principal protection, current income and in-plan liquidity.
Funds placed in the account will be considered as deposits of Nationwide Bank and are insured by the Federal Deposit Insurance Corporation (FDIC) to at least $250,000 per participant.
The Nationwide Bank FDIC Insured Deposit Account will be offered to plan sponsors of 401(a), 401(k), 457 and executive deferred compensation plans.
Nationwide Financial senior vice president of retirement plans Anne Arvia said they believe the Nationwide Bank FDIC Insured Deposit Account will provide participants with security and protection through all market environments, while still offering them growth and liquidity within their retirement plan.