According to the announcement, under the five-year agreement, Fidelity will provide eligible Office Depot employees administration and recordkeeping services for their retirement savings plans, health and welfare benefits and stock plan services. Participants will be able to manage all three benefits under Fidelity’s integrated web-based benefits platform, NetBenefits.
Office Depot’s retirement program, which includes its 401(k) plans for U.S. and Puerto Rico employees and deferred compensation plans, currently has about 17,000 participants and $336 million in assets. Fidelity’s Health & Welfare services for Office Depot, which will include administration, eligibility and election of health benefits, will serve about 20,000 Office Depot employees. Fidelity will also provide administrative services for Office Depot’s long-term incentive compensation plans through its Stock Plan Services offering for eligible domestic and international employees.
“In choosing a partner to provide recordkeeping and administrative services for our employee benefits, we were looking for a company with the industry leadership and experience to help our associates navigate their health and retirement benefits in one, centralized and user-friendly platform,” said Jo Anne Moeller, Vice President, Compensation, Benefits and HRIM for Office Depot, in a Fidelity press release. “With Fidelity, our associates will get ongoing services from an industry leader, innovative investment and educational tools, and access to significant educational resources that will assist them in managing their health benefits, while saving for their retirement.”
Office Depot’s employees will have access to Fidelity’s investment education programs including help from professional service representatives via phone, online educational tools and Webinars, plus informational seminars available throughout Fidelity’s 146 investor centers nationwide.