Nationwide reports rising balances, strong quarter for San Joaquin County deferred comp plan
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Summary
Nationwide presented third-quarter plan statistics to the San Joaquin County Deferred Compensation Advisory Committee, reporting roughly $667 million in combined plan assets, 7,757 participants, growth in average balances and rising Roth adoption. Online enrollment and e-delivery rates exceeded benchmarks.
Nationwide presented its third-quarter program status to the San Joaquin County Deferred Compensation Advisory Committee on Nov. 7, reporting growth in participant assets, continued contributions into target-date funds and rising electronic engagement.
Key numbers and participant metrics: Nationwide reported approximately $667,000,000 in combined plan assets for the county—s deferred compensation programs (457 and 401(a)) as of Sept. 30. The 457 plan had 7,757 participants with an average account balance above $80,000. Roth after-tax adoption continued to grow: Nationwide reported 1,427 Roth accounts holding about $13.5 million. Eleven participants used the Schwab self-directed brokerage account option, representing roughly $2.0 million in assets.
Contributions and distributions: Nationwide said new-money inflows were steady between the second and third quarter (about $8.0 million each quarter), and that slightly less money left the plan in the third quarter compared with the prior quarter (about $9.0 million out in Q3 vs. $12.0 million out in Q2), primarily due to fewer rollovers out of the plan.
Loans and account activity: Loan balances totaled about $3.6 million with 395 active loans; 65 loans were opened in the quarter and 19 closed. Nationwide noted two loan types available to participants: general-purpose loans (up to five years) and primary-residence loans (up to 15 years).
Operations and digital adoption: Electronic delivery and online access continued to climb: roughly 74% of participants receive e-delivery only, 67% of accounts had logged into the Nationwide website, and about three-quarters of distributions were processed online. Nationwide reported 90% of participants have beneficiaries on file and 92% have email addresses on file.
Other items: Nationwide will distribute the Schwab personal choice report to the committee after the meeting. The presenter said Brenda (Nationwide representative) handled most assisted online enrollments during the quarter and will continue outreach to terminated employees who leave balances in the plan.
Context and next steps: The committee received the report without substantive questions and directed staff to continue standard oversight. The committee will revisit operational metrics and vendor reporting at future quarterly meetings.