Fidelity Enhances Plan Sponsors' Control Of Integrated Outsourced Benefit Programs
BOSTON, MA, January 13, 2004 -- Fidelity Investments today announced improvements to its Plan Sponsor WebStation
SM (PSW) that provide sponsors with greater control over their Fidelity-serviced defined contribution, defined benefit, employee stock and health and welfare plans. The enhancements include powerful reporting and navigation capabilities, as well as a new "Training and Support" area.
"Sponsors are increasingly outsourcing their benefit programs to realize cost efficiencies, leverage providers' expertise and gain greater control over their plan management and administration," said Christine Lange, senior vice president, Fidelity Employer Services Company. "With a third of Fidelity's large plan sponsors currently outsourcing multiple benefit programs, Plan Sponsor WebStation's unified platform gives them the ability to manage all of their programs more effectively, creating one of the most comprehensive offerings in the industry."
PSW integrates the management and recordkeeping for each Fidelity-serviced plan on one platform, giving sponsors control through a single point of access. More than 40,000 benefits professionals use PSW to manage their Fidelity-serviced benefit plans.
Today's enhancements bolster the site's capabilities, which include detailed data management, extensive reporting capabilities, investment performance information, online sponsor support services and streamlined administrative processes such as same-day 401k contributions processing.
Enhanced Reporting for Stock Plans
New reporting capabilities allow sponsors to better analyze their own employee stock plan's key statistics and participant trends. In addition to relying on standard monthly reports, sponsors can now instantly retrieve and sort employee stock plan information based on 150 data points across five categories: Participant, Option/Restricted Stock Award (RSA) Grants, Option/RSA Transactions, Stock Purchase Plan Enrollment/Contributions and Stock Purchase Plan Share Purchases.
Improved Navigation
A new navigation design organized by key sponsor responsibilities allows clients to more easily manage their plans. Commonly used tools are available directly from the PSW home page, while all plan-level administration is consolidated onto an integrated "Administration" page. The new site also features:
- Training and Support to help administrators optimize usage of PSW, including detailed reference guides to the site's processes and functions, online workshops about management tools, and alerts regarding upcoming platform enhancements.
- Consolidated Participant Information that allows sponsors to retrieve and update individual employee data -- participant benefit elections, account information and participation history -- in real-time from a single view.
- Centralized Access to Reporting for quick access to plan data. Sponsors can view standard reports organized by topic, preformatted reports, and sponsor-defined custom reports. In addition, they now can receive graphical, interactive reports to identify trends across key topic areas.
"Even when outsourcing their benefit programs, sponsors want to maintain control of their plan and plan data," Lange adds. "Fidelity's state-of-the-art Plan Sponsor WebStation increases access to their data while streamlining the administrative responsibilities, creating more time for HR and benefit professionals to focus more on strategic goals, such as managing benefits design and cost, or concentrating on attracting and retaining top talent."
Through Fidelity Workplace ServicesSM, Fidelity Investments provides human resources administration and employee benefits solutions to more than 16 million participants in more than 11,600 retirement, pension, health and welfare, payroll and stock plans as of September 30, 2003.
Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.7 trillion, including managed assets of $954.3 billion as of November 30, 2003. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 18 million individuals and institutions as well as through 5,500 financial intermediaries. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, one of the largest mutual fund supermarkets and a leading online brokerage firm. For more information about Fidelity Investments, visit www.Fidelity.com.
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