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Nationwide presents retirement income option to Glynn County employees; board hears details of 6% high‑watermark feature
Summary
Nationwide described a retirement-income enhancement for the county’s defined-contribution plan that would provide a lifetime income feature using a quarterly high‑watermark and an expected 6% income crediting mechanism; HR clarified it applies to defined‑contribution participants, not the county’s defined‑benefit plan.
Nationwide told the Glynn County Board of Commissioners on Oct. 6 that it can add a “retirement income builder” to the county’s defined‑contribution plan that uses a quarterly high‑watermark to lock in income value and would target a 6% annual income crediting rate for participants who activate the feature.
Dwayne Pollock, the county’s human resources director, introduced Nationwide’s presentation and emphasized the enhancement applies only to the defined‑contribution plan for employees who began after 2020 and does not change the county’s existing defined‑benefit pension.
Nationwide presenter Robert Wilson described the product as a lifetime‑income feature that works alongside existing target‑date funds…
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