The agreement extends the relationship Fidelity and HP began in 1991. As a part of the agreement, Fidelity will begin servicing an additional 162,500 participants in the EDS2 retirement plans previously serviced by other providers, according to a news release.
In total, Fidelity will now be servicing all of HP’s retirement plan participants, covering more than 135,000 defined contribution and 192,000 defined benefit participants. As of November 30, 2010, HP’s defined contribution assets totaled $14.2 billion.
The announcement said HP participants will continue to access their retirement accounts as well as planning tools through Fidelity’s NetBenefits Web site. They may also receive personal finance education and employer benefit support through HP Finance Central, a customized retirement planning portal developed by Fidelity’s Benefits Consulting business. In addition, participants have access to virtual guidance and telephone support, Web-based workshops and seminars, plus in-person assistance at Fidelity’s 152 investor centers.“Fidelity’s service commitment, flexibility in meeting HP’s changing needs, and its proven record of operational excellence in implementing and recordkeeping large, complex retirement plans made it the right partner for HP,” said Michael Ross, vice president, Total Rewards for HP, in the news release.