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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: JULY 14, 1998 COMMISSION FILE NO. 1-12785
NATIONWIDE FINANCIAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 31-1486870
(State or other jurisdiction I.R.S. Employer Identification No.)
of incorporation or organization)
ONE NATIONWIDE PLAZA
COLUMBUS, OHIO 43215
(614) 249-7111
(Address, including zip code, and telephone number,
including area code, of Registrant's principal executive offices)
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ITEM 5. OTHER EVENTS.
On July 13, 1998, Nationwide Financial Services, Inc. (NFS) announced
that it has formed a strategic alliance with National Deferred
Compensation, Inc. (NDC). The alliance includes an option for NFS to
acquire NDC. NDC is an administrator of deferred compensation programs
for public employees and is located in Columbus, Ohio.
NFS's news release issued on July 13, 1998 regarding this transaction
is attached as an exhibit to this report and is incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit 99 News release of Nationwide Financial Services, Inc.
dated July 13, 1998
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NATIONWIDE FINANCIAL SERVICES, INC.
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(Registrant)
Date: July 14, 1998 /s/ Mark R. Thresher
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Mark R. Thresher, Vice President - Finance and Treasurer
(Chief Accounting Officer)
EXHIBIT INDEX
Exhibit No. Description
99 News release of Nationwide Financial Services, Inc.
dated July 13, 1998
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Exhibit 99
MEDIA CONTACTS:
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JEFF BOTTI, NATIONWIDE
614-249-6339
JOSEPH M. MOLLMANN, NDC
614-442-5440
July 13, 1998
For Immediate Release
NATIONWIDE FINANCIAL SERVICES, INC.
FORMS STRATEGIC ALLIANCE
WITH NATIONAL DEFERRED COMPENSATION, INC.
COLUMBUS, OHIO -- Nationwide Financial Services, Inc. (NYSE: NFS)
announced today that it has formed a strategic alliance with National Deferred
Compensation, Inc. (NDC), with an option to acquire the administrator of
deferred compensation programs for public employees. Both companies are based in
Columbus.
NDC, with more than 125 employees, administers more than $4 billion in
deferred compensation assets for approximately 170,000 public employees in 2,000
plans. It specializes in administration, recordkeeping and employee education in
the public sector retirement plan market.
The alliance gives NFS additional expertise in large-account deferred
compensation administration, a competitive strength of NDC. Together, the
companies make up the country's largest administrator of deferred compensation
programs.
NDC's administrative services will be offered as part of NFS' deferred
compensation business, according to Joseph J. Gasper, NFS president and chief
operating officer. NFS, through its PEBSCO (Public Employees Benefit Services
Corporation) subsidiary, also is the country's largest marketer and
administrator of deferred compensation programs for county and municipal
employees. It administers $14 billion in assets for more than 800,000
public-sector participants in 6,800 plans. NFS also provides products for many
of those plans.
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NATIONWIDE/NDC - 2
"This strategic alliance with National Deferred Compensation helps
Nationwide Financial Services to achieve one of its goals, which is to diversify
sources of growth and profit," Gasper said.
"It complements our current leadership position of offering deferred
compensation programs to public employees by providing additional expertise in
the administration of large accounts. This arrangement offers NFS greater
capacity for growth and flexibility in plan administration to meet customer
expectations."
NDC was founded in 1975 by Joseph M. Mollmann to administer and market
deferred compensation plans. Among its clients are Washington Mutual Bank and
Wells Fargo Bank and the states of Kentucky, South Dakota, Florida and
Wisconsin, and the city of Los Angeles.
According to Mollmann, president of NDC, the agreement with Nationwide
offers NDC the financial and technological support of a large, well-capitalized
company for future growth, aligns it with a nationally known leader in deferred
compensation plans, and offers access to Nationwide's diverse national
distribution network to help it broaden and expand markets.
Nationwide Financial Services, Inc. is the holding company for the
long-term savings and retirement operations of the Nationwide Insurance
Enterprise, a Fortune 500 organization and one of the country's largest
diversified insurance and financial services organizations.
Its principal operating subsidiary is Nationwide Life Insurance
Company, the country's 13th largest life insurer based on assets. It provides
variable and fixed annuities, life insurance, pension products, mutual funds,
and administrative services through a broad spectrum of wholesale and retail
channels, including investment dealers, financial institutions, pension plan
administrators, public employers, education associations, and exclusive agents.
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