Fidelity Plan Sponsor Advantage features detailed plan analytics and industry benchmarking, a variety of prescriptive solutions, implementation support and follow-up plan measurement and evaluation, according to the announcement.
Through the program, Fidelity will help plan sponsors identify opportunities for improvement by comparing plan, employee segment and individual employee metrics such as deferral rates, rate of return and asset allocation against Fidelity’s 12.5 million defined contribution participant database, the announcement said. Once opportunities for improvement have been identified, Fidelity will outline solutions, such as adding automatic enrollment to improve participation, automatic increase to improve participant savings rates or taking advantage of 404(c) protection to manage risk.
To help plan sponsors execute desired solutions, Fidelity will convert them into a series of measurable steps and provide rollout support, including training and transition assistance, personalized employee communication, and education programs designed to help drive results. In addition, Fidelity will help plan sponsors evaluate the impact of implemented solutions on plan results, and establish a baseline for further improvement, by providing continuous follow-up measurement and evaluation of key retirement plan metrics throughout the year.
For more information, go to www.fidelity.com .