TGIF - Thank Goodness It's Fidelity
Written: Jun 10 '03
|
Product Rating:
|
|
| Timeliness of Statements: |
 |
|
| Web Site Ease of Use: |
 |
|
| User Friendliness of Statements: |
|
|
| Participant Materials: |
|
|
| Distribution Processing Speed: |
|
|
|
Pros: Reduced headaches. Eases administration for HR/Payroll personnel. Easy for employees to use.
Cons: Some communication hiccups from an administrative standpoint.
The Bottom Line: Highly recommended for any sized business.
|
|
|
| crypticmerle's Full Review: Fidelity Investments 401K Services |
As a Human Resources professional, my experience with Fidelity is from two sides: administrator and as an end-user/employee.
Administrator - Transitioning to Fidelity
When my company made the decision to change to Fidelity as their 401(k) administrator, I had no previous experience with Fidelity. As any HR professional can tell you, changing benefit plans of any kind can be a nightmare. So, I was apprehensive going into the process.
Fidelity provided excellent customer service to help set up the plan and then provide a "Welcome to Fidelity" educational package that was rolled out to the employees. The bi-lingual training and materials were excellent, not only making the transition less scary but illustrating why employees should sign up for the 401(k). We did see an increase in participation afterward.
Administrator - Ongoing
Fidelity handles the entire process from initial enrollment materials to paperwork for loan applications. Our administrative time (and related labor costs) have decreased. We've been able to increase the number of funds offered. I hear positive comments from employees about the statements (even though the market has been down), and they enjoy reading Stages and other materials provided by Fidelity.
Administrator - Communication Snafu
There has been only one snafu that effected a small group of employees. Recently, Fidelity updated some of the literature that goes in our employee enrollment packages. Since the literature had to be approved by their legal department, it was several weeks before it was approved and they could print more. This caused a delay in the enrollment packages for a handful of employees which meant they were unable to enroll for over 30 days after they were eligible. Unfortunately, we were not aware of the delay until a new employee raised the issue.
Employee - Statements
I enjoy receiving clear, easy to read statements. They include balances, asset allocation, and personal rate of return along with market value, account activity, and fund performance. The statements arrive quarterly without fail.
Employee - Website
Fidelity has provided a good website which can be accessed at any time. In addition to reviewing my balances, I can change my payroll deduction and fund allocation. They also provide articles and education including a Portfolio Planner and Retirement Calculators. In four years, I have never had a problem accessing the website.
Recommended? Yes.
This is a great vendor for 401(k). I've been with two companies who have moved to Fidelity: one small, one large. In both cases, Fidelity provided amazing service. They are pleasant to work with and I would whole-heartedly recommend them.
Recommended:
Yes
|
|
|
|
Epinions.com ID:
crypticmerle
|
|
Reviews written: 20
Trusted by: 0 members
|
|
|
- Add to My Yahoo!: 
- Add to Google Homepage: 
© 1999-2009 Shopping.com, Inc.