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Products April 8, 2011
University of Oklahoma Selects Fidelity as Sole Provider
April 8, 2011 (PLANSPONSOR.com) - Fidelity Investments has been selected by the University of Oklahoma (OU) as the sole administrative service provider for its 401(a), 457 and 403(b) defined contribution retirement plans, effective October 1, 2011.
Reported by Rebecca Moore
A press release said Fidelity’s plan offering to OU employees includes comprehensive education and investment guidance, technology with online enrollment capabilities, and a broad array of investment options designed to meet various investor needs and preferences.
The university’s retirement plans service more than 10,000 participants, representing approximately $1.2 billion in retirement savings.
“Fidelity demonstrated an understanding of the University’s desired goals and expectations for the plans’ recordkeeping and represented the best value to the University,” said Chris Kuwitzky, chief financial officer and chairman of the Retirement Plans Management Committee, University of Oklahoma, in the announcement.
John Ragnoni, executive vice president, Tax Exempt Business, Fidelity Investments, noted: “In addition to easing the administrative burden of maintaining multiple providers within their retirement plans, consolidation has increasingly become a solution for many not-for-profit employers, like the University of Oklahoma, in helping minimize fiduciary risk and exposure and delivering a more beneficial plan for employees.”