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Fidelity® Chosen as Master Administrator® For the University of Washington Retirement Plans
Consolidation of Retirement Providers Offers the University Improved Benefits Administration and Educational Guidance to Its ParticipantsBOSTON – Fidelity Investments®, a leading provider of workplace retirement plans in higher education1, today announced it has been chosen by the University of Washington as the MasterAdministrator® of retirement benefits for the University of Washington Retirement Plan and the University of Washington Voluntary Investment Program, which are available to its more than 27,000 eligible employees and retirees. In an effort to streamline administration of its 403(b) defined contribution plans, the University is reducing the number of providers and utilizing Fidelity as its sole recordkeeping service provider.
"Based on our successful 20-year history with Fidelity as a fund sponsor, we have high expectations for Fidelity's oversight of our retirement plans and investment options," said Mindy Kornberg, vice president for Human Resources at the University of Washington.
In addition to the University of Washington, Fidelity will also become MasterAdministrator to Western Washington University with approximately 2,300 participants and Central Washington University with approximately 1,800 participants.
Over the past few years, new regulations have made tax-exempt 403(b) retirement plans more like corporate 401(k) plans by mandating stringent compliance and fiduciary oversight. In response, many not-for-profit institutions have reduced the number of retirement providers they offer in an effort to streamline the management of their plans while maintaining a consistent benefits experience for participants.
Fidelity has been working closely with the University of Washington to build a retirement plan that best meets the needs of its participants. Features of the plan include a new Roth 403(b) offering, open architecture fund lineup, enhanced participant communications, easy-to-use online enrollment, and guidance for participants at all stages of their lives.
“We are thrilled to partner with the University of Washington to simplify its plan and help its employees prepare for better long-term financial outcomes,” said John Ragnoni, executive vice president, Tax-Exempt Retirement Services, Fidelity Investments. “Fidelity will implement a comprehensive program that includes its educational tools and support over the web, on the phone or in-person during onsite workshops held at all University locations.”
Guidance is also available to all employees through on-demand workshops and webcasts, through the company’s innovative smartphone applications, and at 170 investor centers across the country, including four in Greater Seattle. Fidelity’s award-winning2 suite of online investment tools and savings calculators help participants plan, invest and manage their retirement assets.
Fidelity is an industry leader in assisting tax-exempt plan sponsors with retirement plan consolidation. The company serves more than 3.6 million not-for-profit participants in nearly 2,000 workplace savings plans across health care, higher education and other institutions3.
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 March 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.
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