Fidelity Beefs up FSA Processing

May 16, 2002 ( - Workers whose companies outsource benefits processing to Fidelity Investments can now get their Flexible Spending Account (FSA) expenses reimbursed faster, and the ability to monitor their FSA account online, Fidelity said.

The Boston-based financial services company said in a press release announcing the service enhancement, that FSA repayments can be processed in several days instead of several weeks. The FSA accounts allow workers to save pre-tax money in order to pay for certain medical, dental, and dependent care expenses.

Fidelity said workers can get account information such as the status of deposits and repayments via the company’s NetBenefits Web site, or via a toll-free phone number. The employees can also get FSA plan documents online, Fidelity said.

According to Fidelity, United Defense, an Arlington, Virginia defense contractor, began offering Fidelity’s enhanced FSA services to more than 4,000 of its employees earlier this year. 

Fidelity Investments have assets of $1.4 trillion in custody, including managed assets of $862.6 billion as of April 30, 2002. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 17 million individuals and institutions as well as through 5,500 financial intermediaries.