Press Release
Fifth Third Bank Investment Advisors Expand 401k Plan Services
CINCINNATI, OH, April 2, 2003 -- Bear markets, war worries and corporate scandals make today a risky time to plan for retirement. Putting it off for an uncertain tomorrow, however, might just be riskier. Fifth Third Bank Investment Advisors, one of the largest money managers in the Midwest, is pleased to announce the expansion of its 401k plan services for companies of any size.
Through enhancements to Fifth Third Retirement Advantage(SM) and Retire.53 Direct(SM), the bank's industry-leading retirement products for businesses, Fifth Third has added depth and breadth to its quality defined contribution products and services currently used by Fifth Third's retirement plan clients.
"Today's economic environment speaks volumes about the need for companies to offer its employees a sound vehicle for their future financial well-being," offers John Hopper, Vice President of Fifth Third Bank Investment Advisors' Institutional Client Group. "At Fifth Third, we're working hard to ensure that our retirement plan products and services meet those needs for both the company and its employees, regardless of the type or size of the business. From sound investment selections and advice to easy access and responsive service, Fifth Third acts as a strategic partner to its retirement plan clients. This is a business and marketplace we're heavily invested in and very much committed to growing."
Fifth Third Retirement Advantage is the bank's retirement package for companies with plan sizes above $5 million. Through its four building blocks of a successful retirement plan: plan design, administration and access, investment selection and prudence documentation, and employee education, Fifth Third offers its clients one of the most comprehensive and personalized participant and plan sponsor experiences.
Fifth Third Retirement Advantage provides clients with a comprehensive review of their plan design and makes recommendations to streamline administration and reduce their administrative burden while helping them understand the financial impact of their current plan design by benchmarking their plan to industry standards. Plan information is delivered to both the company, the plan sponsor, and its employees, the plan participants, in the timeframe and in the format desired, whether by telephone via its multi- lingual call center, through the Internet or via a paper statement.
In addition, Fifth Third's financial professionals assist their clients with their fiduciary responsibilities as a plan sponsor. Called the Fiduciary PowerPak, companies receive information such as an executive summary of ERISA rules and Sarbanes-Oxley information to keep abreast of current events affecting plan sponsors. Likewise, Fifth Third partners with Ibbotson Associates to provide quality fund selection advice for plan sponsors and Financial Engines to offer investment advice to the participants. Finally, the bank works with plan participants to assist them with financial planning outside their 401k plan, including college planning, personal banking, life insurance, IRA rollovers and household budgeting through its 10-Cycle Profile Driven education curriculum: Drive To Win, Your Track, Your Way.
Similarly, Retire.53 Direct is an Internet-based product for defined contribution plans up to $5 million. Through this product, Fifth Third designs a personalized plan that fits the companies' needs without a required minimum number of participants or plan assets, virtually enabling any small and mid-size business to offer their employees a comprehensive retirement plan vehicle. With Internet-based administration, Fifth Third enables plan sponsors and participants to enroll, obtain information and manage entire plans or individual plans quickly and easily.
Fifth Third also offers many quality investment options to Retire.53 Direct clients with a variety of mutual fund families, including the Fifth Third Funds. The bank follows its investment recommendations with live instructor meetings with plan participants and Internet and printed materials. Fifth Third has a partnership with First Mercantile Trust Company to administer Retire.53 Direct. First Mercantile's website for plan participants was recently awarded a rating of 'excellent' by DALBAR, Inc.
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