Fifth Third Enhances Two Product Lines
Fifth Third Retirement Advantage, the Cincinnati-based bank’s retirement package for companies with plan sizes above $5 million, provides clients with:
- a review of their plan design
- recommendations to streamline administration and reduce their administrative burden
- a better understanding of the financial impact of their current plan design by
- benchmarking their plan to industry standards
In the program plan information is delivered to both plan sponsors and participants in the timeframe and in the format desired, whether by telephone via its multi-lingual call center, through the Internet or via a paper statement, according to the firm. Plan sponsors get an administrative services agreement, an administrative scorecard, plan sponsor website, streamlined administration recommendations and a full-service Relationship Manager on their account. Plan participants get a personalized online workspace and website for retirement planning.
Custom Enhancements
The platform has also been expanded to include online summary plan descriptions, plan amendments, prototype document and now has the ability to accept customized plan documents.
Additionally, Fifth Third’s financial professionals assist clients with their fiduciary responsibilities as a plan sponsor with their Fiduciary PowerPak, which includes an executive summary of ERISA rules, civil and criminal enforcement rules, information on 404c, Sarbanes-Oxley information, analytical investment analysis, investment policy statement, and board resolutions.
Fifth Third has also teamed up with Ibbotson Associates to provide fund selection advice for plan sponsors, as well as Financial Engines to offer investment advice to the participants. The bank will also work with plan participants to assist them with financial planning outside their 401(k) plan, according to the company.
Direct ‘Line”
For plans with less than $5 million in assets, the bank’s Retire.53 Direct is an Internet-based product that offers a personalized plan that fits the companies’ needs without a required minimum number of participants or plan assets, according to Fifth Third. Fifth Third, which has a partnership with First Mercantile Trust to administer Retire.53.Direct, offers access to a variety of mutual fund families, including the Fifth Third Funds.
The bank follows its investment recommendations with live instructor meetings with plan participants and Internet and printed materials. Retire.53Direct, which was launched in June 2002 currently has 200 clients signed up.