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Benefits October 15, 2002
Eaton Taps Fidelity for HR-Benefits Outsourcing
October 15, 2002 (PLANSPONSOR.com) - The march of
major corporations turning to outside vendors for at least
part of their HR/benefits function continued
unabated.
Reported by Fred Schneyer
Fidelity Employee Services Company announced that it would provide an array of such services to Eaton Corporation.
Staring January 2003, Fidelity will provide administrative services for Eaton’s defined benefit pension plan, covering over 65,000 active and retired participants.
Defined benefit administrative services include:
- data management
- full-event processing
- benefit calculations
- retirement modeling
- retiree disbursements
- post-retirement administrative services.
Effective with this fall’s annual enrollment, Fidelity will also provide administrative services for Eaton’s health, dental, and other welfare programs. The company will be the interface between Eaton and its vendors and deliver specialized online resources and services such as:
- enrollment via the Web
- life-event processing
- data maintenance for dependent and beneficiary changes.
Fidelity has been providing trustee, investment, recordkeeping and communication and education services since January 2002 for Eaton’s 401(k) plans, with combined assets of about $1.5 billion and 35,000 participants.
Sony Corp. was the latest major company to announce an outsourcing arrangement .