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 by replacing a portion of the plan’s fixed‑income allocation with a vehicle that locks in high‑watermark income values quarterly. Wilson said the feature is designed “for individuals who want to use their investments for income” and that participants may choose whether to activate the lifetime income at retirement; he said activation typically can begin at about age 65.

Wilson explained the mechanics in plain terms: the underlying investment account continues to fluctuate in market value, but the product periodically locks a higher income value for participants. He gave an illustrative example in which a participant with a $600,000 account would receive about $36,000 per year under the 6% crediting assumption if they activated the income builder at the locked high‑watermark. He also said the product is liquid and portable, participants can stop or start the income feature, and that the offering is not an annuity in the sense of eliminating liquidity or imposing surrender penalties.

Wilson acknowledged an extreme downside scenario: “If the underlying investor, their market value went to 0 for some reason, then what would happen is when they were getting 6%, the remainder of the life of their life, it would drop down to 4 and a half” percent — a contingency he said would occur only if a participant’s account were exhausted.

HR Director Pollock and a staff member identified as Tamara clarified that the county currently operates both a defined‑benefit pension and a defined‑contribution plan, and that this enhancement would be an optional add‑on for employees in the defined‑contribution plan. Pollock said the administration work to implement a fund switch is straightforward because the plan’s recordkeeper is already equipped to add the option.

There was no formal vote. Pollock said staff will continue to evaluate the feature and answered technical questions from commissioners; Nationwide said the product is intended to decrease retirement income volatility and increase the likelihood of participants retiring with stable lifetime income. No changes to the county’s defined‑benefit pension were proposed at the meeting.