The Netbenefits 401(k) site will now include information about employee benefits, payroll deductions, healthcare, dental plans and other workplace services from a single entry point.
Later this spring, Fidelity Investments said it would offer an expanded human resources and benefits portal for about 50 of its corporate clients covering more than 1.5 million employees. Each site would be customized for each client, Fidelity said.
Fidelity said it is making the changes after it realized the Internet is the “primary channel” used by employees. Last year, over 55% of all contact volume for 401(k) plans at Fidelity was done via NetBenefits, company research showed.
“It’s also the most used channel to access information about pension plans. In 2000, 48% of contacts about pension plans were made via the Web. Additionally, 47% of enrollments in health and welfare programs at Fidelity were done on the Internet last year,” according to Peter Smail, president, Fidelity Employer Services Company.
Among the new features of the re-designed site are:
- Employees can obtain a feature called “pay advice,” which provides them a statement of their earnings and a full accounting of their tax withholdings and benefit deductions. The site can also allow them to make changes online.
- For retirement accounts, NetBenefits delivers transactional capabilities and a summary of the employee’s retirement savings account, including total and vested balances in the 401(k) plan, investment positions, and historical investment performance. It also offers tools such as Fidelity PortfolioPlanner, an online interactive education service for plan participants. This service combines retirement planning, asset allocation and model portfolios customized to the investment options available in the plan.
- For defined benefit pension plans, employees can get an up-to-date view of their pension benefits and accrued balances. It also allows employees to conduct future planning for retirement by projecting benefits that will be available to them based on various retirement date assumptions.