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Benefits April 12, 2004
Bank of America, Fidelity Ink Outsourcing Deal
April 12, 2004 (PLANSPONSOR.com) - Bank of America
Corporation has selected Fidelity Investments to provide
administrative services for its human resources operations,
payrolls, and benefits programs covering approximately
250,000 employees and retirees of the firm.
Reported by Eric Hazard
As part of the seven-year contract, Fidelity will provide Bank of America with a range of human resources and benefits administration services, which includes a suite of integrated workforce effectiveness services, according to a news release. Services provided for Bank of America include:
- HR Administration and Workforce Effectiveness – this includes a suite of Web-based employee and manager self-service solutions, as well as decision support for HR professionals.
- Health & Welfare – beginning with annual enrollment for 2006, Fidelity will manage and provide administration services for Bank of America’s health and welfare plans. Fidelity will deliver online tools and administration resources, such as full-service enrollment, regulatory compliance and life-event processing for all medical, dental and vision programs.
- 401(k) – Fidelity will provide investment management, recordkeeping, and employee communication and education services to about 170,000 plan participants in the U.S.
- Defined Benefit – defined benefits administration services include data management, event processing, benefit calculations, online retirement modeling, retiree check disbursements and post-retirement administration services.
- Payroll – Fidelity will provide total payroll administration services for Bank of America employees in the U.S., including timekeeping, gross-to-net payroll processing, tax reporting and banking services.
- Stock Plans – Fidelity’s service includes plan administration, recordkeeping, trade execution and custody, and modeling tools.
To assist Bank of America in bringing its workforce online with the new arrangement, Fidelity will provide communication and education to employees for all of its services. The services will be delivered through call center representatives and its NetBenefits and e Workplace Web sites.
The transition of Bank of America programs to Fidelity’s servicing platform is expected to be completed by January 2006, with most services being activated in 2005.