PSW can be used to manage defined contribution, defined benefit, stock plan, and health and welfare programs serviced by Fidelity, the company said. The Fidelity announcement said it began rolling out the PSW enhancements this year and has scheduled further improvements for 2003.
One significant new enhancement, according to the company, is the capability for plan sponsors to submit contribution information for their employees’ 401(k) plan accounts, verify and correct their data, and fund their plan, in one day. Previously, the process could take up to four days.
Fidelity said it has also added an online service request functionality that allows sponsors to open a service request with Fidelity to help fix an error or resolve a problem related to the plan.
New Employee Views
Fidelity said other changes include:
- new employee views available through PSW will provide a consolidated view of an employee’s data required for various benefit plans, and allow changes to common data from one place. If an employee moves, for example, the administrator can change the worker’s address and contact information for all affected benefits, such as defined benefit, stock plan, and health coverage, from a single page, according to the Fidelity announcement.
- better report generating capabilities by adding a new analysis platform. Sponsors can generate a wide variety of operational reports, conduct analysis and model scenarios with the ability to review participation rates and trends across multiple benefits services.
- an online process for project management. Utilizing “team collaboration” tools, sponsors can now work with Fidelity via the Web on specific projects such as implementing new benefit programs and plan mergers resulting from corporate actions.
Fidelity said it also recently redesigned the PSW homepage. Integrating multiple benefit plan information in one place, Fidelity said the new homepage streamlines navigation with quick links to the most used administrative tasks, news items, legislative updates, and reporting capabilities.