RHS Plan Transition

The City’s MissionSquare Retiree Health Savings Plans will Transition to Nationwide in August 2025

What is happening?

The City conducted a thorough Request for Proposals (RFP) process from 2023-2024 to solicit and evaluate proposals for administrative recordkeeping services for the City’s retiree health savings plans currently held at MissionSquare. After careful evaluation by the City and the Defined Contribution Plans Committee, Nationwide was selected as the new administrative recordkeeper.

On approximately August 4, 2025, all City retiree health savings accounts will begin the transfer from MissionSquare to Nationwide. Payroll contributions will begin going to Nationwide as of the paycheck dated August 5, 2025.

Nationwide Post Employment Health Plan (PEHP)

Nationwide’s plan is called a Post Employment Health Plan (PEHP). Transitioning the plans from MissionSquare to Nationwide will result in several improvements:

  • Lower fees: The recordkeeping fee will be reduced from approximately 0.45% (45 basis points) with MissionSquare to just 0.0125% (1.25 basis points) with Nationwide. 
  • Improved investment options: The new plan will include a customized investment lineup that aligns with the City’s 457(b) and 401(a) plans. 
  • More personalized support: You’ll have access to the same Nationwide Retirement Specialist who supports our 457(b) and 401(a) plans. 
  • Stronger administrative support: The City will benefit from more efficient and streamlined processes, helping ensure your plan runs smoothly.

What participants can expect

Planning for the transition to Nationwide is underway and will continue over the coming months. At this time, please review that your your personal contact information is current in your MissionSquare Account. Only a personal email address should be used for your account to ensure you can access your account if you separate from the City.

Updates will be posted on this webpage as new information becomes available. The City is also preparing transition communications that will be sent to participants by email and regular mail. In addition, Nationwide will mail all account holders a formal transition notice by mail in mid-June 2025, and a follow up notice with your Nationwide PEHP account number closer to August 1, 2025.

Refer to the PEHP Fund Mapping Guide for information on how your MissionSquare RHS assets will be invested when transferred to your Nationwide PEHP account.

Important transition dates

July 24, 2025 – the last day MissionSquare will process distributions or any changes to your account. Download account statements by this date if you wish to have copies for your own records. Statements will no longer be accessible after this date.

July 25, 2025 – A blackout period begins where no transactions in your MissionSquare account can be accepted or processed. Your assets will stay invested until date of liquidation from MissionSquare to Nationwide.

August 4-8, 2025 – Your assets will be liquidated at MissionSquare at the close of the market on August 4, 2025. This means your assets will now be out of the market for your assets to move to your new plan at Nationwide and until Nationwide completes the transfer process. When the process is complete, your account balance will appear when logging into your Nationwide account and your assets will be invested per the fund mapping.

 

Participant informational sessions – Dates TBA

Nationwide will host virtual informational sessions in early July for participants to learn more about the PEHP plan.

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