IBM Reported Moving RK from Hewitt to Fidelity

May 2, 2007 ( - Giant computermaker IBM is set to move its retirement savings plan recordkeeping relationahip from Hewitt Associates to Fidelity Investments, sources close to the deal indicate.

The sources contended that the IBM-Fidelity recordkeeping deal had been consummated, but representatives of all three parties refused to comment about it to

Word of the recordkeeping move – a significant one by any measure – closely follows IBM’s recent announcement that it was teaming with Fidelity and The Ayco Company, L.P, to offer employees a multi-million dollar personal finance and education benefit program (See IBM to Help Workers “Get Smart” About Personal Finance ) – dubbed IBM MoneySmart.

According to the IBM announcement, IBM MoneySmart combines in-person educational seminars, online tools and confidential, one-on-one personal planning sessions with independent financial experts. The program’s introduction comes as thecompany transitions from traditional retirement benefits to IBM’s new 401(k) Plus Plan in 2008 (see IBM Beefs Up 401(k), Backs Off DB – Come 2008 ).