BOSTON – The Raymond Corporation, an innovator in the design and build of lift trucks and warehouse solutions for nearly a century, has selected Fidelity Investments® as its 401(k) provider. Fidelity began servicing the retirement plan with $235 million in assets on April 1.
"Our over 5,000 employees work in offices, manufacturing floors, warehouses and service centers, so they depend on digital technologies to help them access their benefits," said Steve VanNostrand, executive vice president of Human Resources, The Raymond Corporation. "We chose Fidelity because like us, they understand the needs of a diverse workforce and the importance of mobile platforms in helping them prepare for the future."
"Saving for retirement is just one component of how we help people build financial well-being," said Christopher Herman, senior vice president, Workplace Solutions, Fidelity Investments. "The key is to give people targeted education to address their retirement savings needs as well as managing health care expenses, purchasing a home, paying off student debt and Social Security claiming strategies. We know that giving people more confidence over today's financial challenges will lead to an improved outlook for the future."
Raymond employees will receive a broad range of education to help them make decisions around asset allocation, retirement income planning, debt management and saving for college. They can receive tips and information at workplace meetings, from guidance representatives, webinars and at Fidelity investor centers.
The company's employees range from millennials to post-retirement age. Fidelity's workplace digital participant experience, NetBenefits®, is available over smartphones, tablets and home computers at the time and location that work best for them.
As Raymond Grew, Consolidation of Multiple Retirement Plans Became Essential
Raymond's success over the years helped it grow, including through mergers and acquisitions. That growth brought on numerous retirement plans and created an administrative challenge for its human resources team.
"Fidelity handled the complexity of consolidating our various plans into one, with the flexibility to keep many of the former plans' unique design features in place," continued VanNostrand. "In the end, administration of our plan is significantly more efficient without any negative impact to the employee experience, a key reason we chose Fidelity."
About Fidelity Investments
Fidelity's goal is to make financial expertise broadly accessible and effective in helping people live the lives they want. With assets under administration of $5.0 trillion, including managed assets of $2.0 trillion as of January 31, 2016, we focus on meeting the unique needs of a diverse set of customers: helping more than 25 million people invest their own life savings, nearly 20,000 businesses manage employee benefit programs, as well as providing nearly 10,000 advisory firms with investment and technology solutions to invest their own clients' money. Privately held for nearly 70 years, Fidelity employs 45,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about.
About The Raymond Corporation
The Raymond Corporation is a global provider of end to end warehouse solutions, fleet management, forklift training and support to increase efficiency and lower costs throughout material handling operations. Raymond forklifts are engineered to achieve higher performance, enhance operator comfort and increase efficiency. Raymond manufactures a full line of forklift trucks — including reach trucks, pallet jacks, pallet stackers, sit down and stand up forklifts, orderpickers and turret trucks. The iWAREHOUSE fleet management and warehouse optimization system provides solutions to manage industrial vehicle fleets, labor efficiencies and warehouses. Additionally, flexible automation, customized solutions and industry-leading consultation from Raymond further enhance and streamline processes while helping customers to drive down costs. Raymond is a recipient of the 2015 Manufacturing Leadership Award from Frost & Sullivan. To learn more about The Raymond Corporation, visit www.raymondcorp.com or call 800-235-7200.