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Fidelity® Launches Plan for Life, an Enhanced Guidance Experience for Workplace Retirement Plan Participants
Significant Enhancements to Participant Experience Will Better Address Complex Financial Challenges of Today’s WorkersBOSTON – Fidelity Investments® announced today the launch of Plan for Life, an enhanced guidance experience to help workplace participants plan for achievement of their retirement goals in a holistic manner tailored to their individual needs. Plan for Life takes a broader approach to retirement planning, taking into account the complex needs today’s employees face as they experience various life stages and changes in their personal situation or their workplace benefits plan.
As a part of the Plan for Life rollout, Fidelity is making significant enhancements to its overall participant offering, including:
• Expanding our team of licensed phone representatives dedicated to helping guide participants through more complex benefits decisions
• Broadening workplace education to include onsite retirement planning consultations and enabling on-the-spot enrollment using mobile tablets
• Introducing Income Simulator, a new tool to help illustrate potential retirement income
• Rolling out enhancements on NetBenefits.com®, Fidelity’s participant web site, to improve navigation and drive more confident decisions around life events
“Plan for Life is a reflection of how our participants’ needs have evolved and expanded over the years with competing financial priorities and a heavier reliance on their workplace savings plans to help them plan for retirement,” said Julia McCarthy, executive vice president, Workplace Marketing, Solutions and Experience, Fidelity Investments. “Simply asking employees to save more money from each paycheck no longer addresses many of the challenges our participants are facing in today’s economic environment. Plan for Life and the significant investments we continue to make in our participant experience will help them manage the complexities but simplify the decision making process.”
Enhancements to the participant experience being rolled out through the remainder of 2012 and into early next year as part of the Plan for Life launch include the following:
Increased Number of Dedicated Guidance Phone Representatives
Recognizing the growing demand for guidance and education, Fidelity increased the number of its workplace guidance phone representatives by 80 percent this year. All of the firm’s workplace guidance representatives will hold a FINRA Series 7 license allowing them to provide help on a wide range of needs from basic transactions and decisions, such as enrolling in one’s workplace benefits plan, to more complex asset allocation and broader retirement planning needs.
More Comprehensive Retirement Planning Offered at the Workplace
Demand for workplace education and guidance workshops continues to rise as retirement planning grows more complex and participants need more help with their savings strategies. Attendance at on-site planning and guidance sessions was up 40 percent during the first four months of 2012 over the same period last year. As employees approach retirement, the need for having a formal retirement plan in place is more critical. To support pre-retirees, Fidelity is offering face-to-face planning consultations at the workplace to employees approaching retirement. Fidelity is also
opening these sessions to spouses or other family members of the employee as retirement decisions often impact more than just the individual. In addition, onsite education programs will utilize mobile tablets to make it easier for employees to take action and enroll in their workplace savings plans immediately.
Interactive Tool to Assess Future Retirement Income Potential
Fidelity recently started rolling out an interactive tool that illustrates the potential monthly income in retirement for participants. The tool, called Income Simulator, gives employees a simple way to understand how their retirement savings could translate into monthly income in retirement. Participants can instantly see the potential impact of any changes they make to their contribution rates, retirement age and asset allocation. The Income Simulator makes it easy for participants to take action and implement change. Enhancements scheduled for later this year and into 2013 will allow more account types to be integrated into the experience, and enable a broader benefits view for more robust planning capabilities.
Participant Web Site Integrates Life Events and Robust Education
Fidelity has also begun rolling out a series of major enhancements to NetBenefits.com® to deliver a more integrated and intuitive experience to help employees make more confident decisions. Among other things, it provides specific guidance on various work and life events including starting at or leaving a company, having a child, retirement planning as well as steps for an annual financial check-up. To date, there are more than one million participants using the improved web site.
About Fidelity Investments
Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $3.7 trillion, including managed assets of $1.6 trillion, as of July 31, 2012. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.Income Simulator is an educational tool.