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FirstEnergy Selects Fidelity® as 401(k) Plan ProviderBOSTON – Fidelity Investments® today announced that on January 1, 2014, it became the 401(k) provider for FirstEnergy (NYSE: FE), a diversified energy company dedicated to safety, reliability and operational excellence, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The retirement plan for 21,000 participants – both current employees and retirees – has approximately $3.2 billion in assets under administration1.
“Workplace retirement plans must go well beyond recordkeeping administration and deliver an engaging experience to ensure employees get the most from their plan,” said Steve Patterson, Fidelity’s executive vice president of sales. “FirstEnergy’s employees will have access to Fidelity’s retirement savings education to assist them throughout their lives, from when they join the company to when they begin planning for the retirement they envision.”
Guidance and Education Ready to Help Employees Immediately
FirstEnergy’s employees now have access to Plan for Life, Fidelity’s participant guidance experience. Plan for Life is designed to help employees plan for retirement while they move through many of life’s significant events. Guidance topics include the importance of saving appropriately, needs-based asset allocation and when to utilize catch-up contributions or Roth options.
Plan for Life provides dedicated workplace phone representatives, next generation mobile capabilities, onsite seminars and support from Fidelity’s more than 180 investor centers nationwide, including one in Akron, Ohio, where FirstEnergy’s headquarters is located. In addition, FirstEnergy’s benefits administration group receives the support of a local Fidelity team, ready to help with implementation, employee education and ongoing plan administration.
Innovative Technologies Help Employees and Benefits Team
Today’s employees and their employers rely on technology more than ever to help manage their busy lives and workforces. In response, Fidelity continuously enhances its innovative technologies to make both participating in retirement plans – as well as managing them – a positive and rewarding experience. This includes participant access to Fidelity’s workplace savings portal, NetBenefits®, which is available online or through Fidelity’s newly enhanced smartphone app. For the benefits team at FirstEnergy, state-of-the-art plan reporting and analytics is at their fingertips through Fidelity’s Plan Sponsor Webstation.
About Fidelity Investments
Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $4.5 trillion, including managed assets of $1.9 trillion, as of November 30, 2013. 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.
1 Assets are of all FirstEnergy participants and include actively employed participants and retired participants who still hold a balance in the plan.