1.9
9 reviews
Other 401K's & IRA's:
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401(k) - Individual
Nationwide Retirement Systems 401(k) - Individual

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Nationwide Retirement Systems 401(k) - Individual
 
1.9

(based on 9 reviews)

Ratings Distribution

  • 5 Stars

     

    (1)

  • 4 Stars

     

    (0)

  • 3 Stars

     

    (2)

  • 2 Stars

     

    (0)

  • 1 Stars

     

    (6)

22%

of respondents would recommend this to a friend.

Reviewed by 9 customers

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(2 of 2 customers found this review helpful)

 
1.0

Earns Nationwide a lot of money on YOUR work

By 

from USA

Comments about Nationwide Retirement Systems 401(k) - Individual:

Your entire portfolio had better earn more than 11.4 percent in the next ten years. Otherwise, Nationwide fees are 1.14% per year, simply for providing a horrible Target Retirement Fund via Vanguard (commissions to Nationwide, of course).. Which over the last ten years avg yield was 6%. YOUR 401K WILL FUND NATIONWIDE's SCAM.

  • Affiliation:
  • I received a sample

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(7 of 7 customers found this review helpful)

 
1.0

High fees are deliberately hidden.

Comments about Nationwide Retirement Systems 401(k) - Individual:

The plan itself is OK and if you don't read your statement carefully, you would think the fees are low. But if you read carefully you will find an asset fee mentioned. In my case it is 1.22% This is charged ON TOP of any fees embedded in the mutual funds you choose. I did not spot this fee for two years because it was so well hidden. They actually "create"their own version of the mutual fund so that they can take the fee out without ever specifIcally showing it on the statement. I am actively encouraging my employer to transfer our 401K to a more cost effective plan (Vanguard has one).

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(2 of 2 customers found this review helpful)

 
5.0

Nationwide and a great TPA works well for me

By 

from USA

Comments about Nationwide Retirement Systems 401(k) - Individual:

I use the Nationwide platform and Steidle Pension Solutions handles the Plan for us. We have been really happy with the service that Steidle provides and Nationwide's website is very user friendly. Our administration is completed very efficiently and all reports that we request are produced professionally.

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(15 of 15 customers found this review helpful)

 
1.0

High fees, no transparency

By 

from USA

Comments about Nationwide Retirement Systems 401(k) - Individual:

My company uses Nationwide for our 401k and I'm totally unsatisfied with them. 0.61% fee for an index fund. Are you joking? My Vanguard funds are only 0.06%. Moreover, there is no transparency for dividends paid. How can my low cost broker (Vanguard) give me all these features at a low cost and Nationwide cannot? Unbelievable! Hopefully my employer switches or I'm going to be paying 10X higher in fees for awhile.

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(12 of 19 customers found this review helpful)

 
1.0

Retire?? On what ?!?!

By 

from Huntington Beach, CA

Comments about Nationwide Retirement Systems 401(k) - Individual:

We slave our lives away hoping to keep a little something aside, that the government doesn't take from us, to help ourselves in later years. What happened to an employer matching what an employee put in to a retirement account? When this occured, a person knew there was a safety net there.Now, we are supposed to put our trust and money in the hands of people who want to "invest" our money for us? What kind of security is that? You cant count on anything being there from day to day. I might as well stand on the side of the freeway asking people if the are on their way to Vegas. When I find someone who is, tell them "I have this $20,000.00 here and I was wondering if you wouldn't mind puting it on 11 RED for me".I don't care what kind of degree or what college the person hired by the investment firm has,  its still a gamble. Just ask any of those people who own stock in Chevrolet, or Ford or better yet ENRON!Maybe we should see if we can get some insider tips fcrom Madoff.Who is kidding who. We might as well get used to the taste of dogfood in our golden years.

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(5 of 9 customers found this review helpful)

 
3.0

Nationwide 401K - needs to communicate better with members

By 

from Houston, TX

Comments about Nationwide Retirement Systems 401(k) - Individual:

Nationwide 401K - have this at work and just found out I'm getting a 1099 and a refund.  I don't think Nationwide put together a good solid plan for employee investment based upon this adp test the IRS requires.  No employee was ever told anything about this.  We find out after we've filed taxes.

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(14 of 14 customers found this review helpful)

 
1.0

Poor transaction history reporting

By 

from Mentor, OH

Comments about Nationwide Retirement Systems 401(k) - Individual:

Very poor transaction history reporting. There is no transaction history for dividends or capital gains. So there is no way to tell what your dividends or capital gains are, they just adjust the units you have for the fund and you never see transaction history. There is no way to see dividends and capital gain transactions since they do not show this information. Another really bad feature of the web site is you can only do 1 fund transfer per day. Say you want to reposition your investments and transfer money for 3 funds, it will take you 3 days to do it.

I have 3 other 401k accounts from different jobs I have had and not one of them has these limitations. They all have transaction history for all fees and gains that apply to your account.



I contacted Nationwide by phone to see why they do not show transaction history and could not get a direct answer other than they do not show transaction history and that's the way they do business. They would not even take my suggestion into consideration. I would not consider using Nationwide or any of their products.
Very poor customer support. It's their way or the Highway! I have no choice other than to keep my 401k account with their company because that's what plan my employer choose. I personally would not recommend Nationwide to anybody.
Very poor website, Half the page is an advertisement, not information.

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(22 of 22 customers found this review helpful)

 
1.0

Nationwide Retirement Solutions is AWFUL!

By 

from Denair, CA

Comments about Nationwide Retirement Systems 401(k) - Individual:

I wish there was a way to give Nationwide Retirement Solutions a ZERO rating. They are just awful. Customer service is awful. It's easy to give them your money but don't try to get it back. They make you jump through so many hoops. I think they hope you just go away. They won't return phone calls. It is just a terrible company.

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(8 of 9 customers found this review helpful)

 
3.0

Pretty good investment options

By 

from Chicago, IL

Comments about Nationwide Retirement Systems 401(k) - Individual:

If your place of business gives you the option of this 401k plan, it is a pretty good plan, at least as good as any of the others that are out there right now. You will get a quarterly statement and can view youyr account on line. There is an online tool to change or add to yor options but it is a bit confusing. All in all, it is well worth it to put some money away for retirement.

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