The library is accessible to all workplace pension plan participants who log on to Fidelity’s participant website NetBenefits under a newly created section called “Pension Tools & Learning.” The section features up to eight new videos that answer key questions for participants including: what is a pension plan versus a 401(k) plan, how do pension benefits grow and when can a participant initiate payments?
In addition, the Pension Tools & Learning section—which is being offered to corporate pension plans nationwide for which Fidelity provides recordkeeping services—includes summary plan descriptions so participants can understand their individual pension plan rules. The site also includes links to various Fidelity retirement planning tools.
The new video library was produced after a 2011 Fidelity study found that 71% of corporate pension plan participants surveyed did not have detailed knowledge of how their pension plans work and 61% have never inquired about how much money they will receive upon retirement. (See DB Participants Don’t Understand Plans).