Fidelity will provide the services to BASF and its nearly 20,000 US workers and retirees as part of a five-year contract, according to a Fidelity news release.
The announcement said that BASF will have access to services including:
- defined benefit plans
- defined contribution plans
- workforce effectiveness services such as compensation planning, performance management, talent management, and learning management
- timekeeping and attendance
- personnel administration
- employee records
- HRIS management
- health and welfare programs.
.“BASF’s decision is great news for Fidelity and represents only the second time a major corporation like BASF has transitioned from one HR and benefits outsourcer to another,” said Peter Smail, president, Fidelity Employer Services Company. “This contract reinforces companies’ increased interest in outsourcing HR and benefits services to a single provider with a multi ?client, scaleable platform.”
Fidelity will provide BASF’s employees with communication and education for all of its services, which will be delivered through call center representatives and its NetBenefits and e Workplace Web sites, which offer self-service tools and capabilities, Fidelity said.
According to the agreement, Fidelity services will include:
- investment management, recordkeeping, and employee communication and education services to DC plan participants in the US. BASF employees will have online access to their defined contribution accounts for benefit statements, account transactions, retirement modeling, information about the company’s plan and investment options, and retirement planning tools.
- administration services for BASF’s defined benefit pension plans. Defined benefit administration services include data management, event processing, benefit calculations, online retirement modeling, retiree check disbursements and post-retirement administration services.
- HR administration services, including workforce effectiveness solutions, Web-based self-service tools and decision support tools for HR professionals.
- Effective for next fall’s annual enrollment season, Fidelity will provide administration services for BASF’s health and welfare plans. Serving as the interface between the company and its vendors, Fidelity will deliver online tools and administration resources, such as full-service enrollment, regulatory compliance and life-event processing for all medical, dental and vision programs.
The transition of BASF’s programs to Fidelity’s servicing platform is expected to be completed by fall 2005, with most services being activated in early 2006, Fidelity said.