Women Execs Still Hitting Glass Ceiling

March 5, 2002 - Human resources professionals may be more sensitive to their company's diversity responsibilities than in past years, but women trying for corporate advancement still bump their heads on a glass ceiling, a new survey found.

The survey by the Financial Women’s Association found the senior level women complain about inequality in both their pay scale compared to men and their promotional opportunities.

Specifically:

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  • 70% say women earn “somewhat less” or “much less” than men in base salary, and
  • 83% report that women get “somewhat less” or “much less” than men in performance bonuses

However, respondents also say they’ve seen:

  • improvements in offering flexible work schedules, mentioned by 48%
  • generally, a more diverse Wall Street workforce, listed by 42%.

One in five see an improvement in getting women equal pay for equal work, but 56% believe that goal is still a decade away to fully realize.
 
Those answering the FWA poll were generally optimistic about the future with three out of four predicting an improvement in the next decade in terms of women in senior management while 72% see more women getting appointed to corporate boards during that period.

More than 1,000 members of the FWA were surveyed in November and December of 2001.

Results of the survey are available on the FWA Web site .

Chase Sells Recordkeeping to Fidelity

April 27, 2000 (PLANSPONSOR.com) - Chase Manhattan has outsourced its recordkeeping operation to Fidelity, while broadening its Chase Retirement Solutions 401(k) offerings to include Fidelity's Advisor Funds.

Changes Ahead

The change will involve a conversion to Fidelity’s recordkeeping system, and possible changes to payroll data formats and fees for approximately 600 plans and 112,000 participants. Converting clients will also have to sign a new trust agreement with Fidelity Management Trust Company, potentially a more contentious issue. “It?s a bundled service at Fidelity,” explains Jim Buccella, Managing Director of Retirement Services for Chase Global Asset Management. “There?s no good way to opt out of it, but we don?t anticipate any problems.” He also noted they were working to minimize payroll platform change issues. “We?re going from customer to customer,? he said.

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Fidelity expects a short transition. “We are already bringing plans into our recordkeeping services,” stated Jude C. Metcalfe, Senior Vice President of Fidelity Investments Institutional Services Company. “Before the end of 2000, all new and existing Chase customers should be brought on board.”

Chase customers will see a new administrative fee schedule. “Fee changes are possible; but it depends on the customer since fees are tailored to services,” said Buccella. “We are allying with Fidelity to remain competitive. This is not a negotiating process per se.” “Our fees are as good if not better than the competition,” said Fidelity?s Metcalfe.

Ongoing negotiations beginning in late 1999 expanded an existing relationship between Chase and Fidelity into an open-ended alliance, with services targeted at 401(k) plans with between $1 million and $99 million in plan assets. Chase previously handled its administrative services in-house. The change potentially impacts the job responsibilities of 100 Chase employees.

Fidelity would not disclose expected revenues from undertaking these services.

Chase customers already were informed about the impending changeover, and were encouraged to direct questions to their existing client manager. Additional contacts are in place both at Chase and Fidelity, with client managers acting as primary advocate on complex matters.

More Choices

The Chase Retirement Solutions 401(k) program currently offers:

  • Investment management and plan reviews
  • Access to its Chase Vista Funds (SM) and selected other funds from Dreyfus, Federated, and Janus Aspen
  • Participant education through Chase Retirement Consultants

As a result of the new alliance, plan sponsors can now gain access to the Fidelity Advisor Funds.

Chase Global Mutual Asset Management and Mutual Funds manages more than $230 billion for institutions, governments, individual investors and wealthy families worldwide. Fidelity currently provides recordkeeping services for nearly 7,500 401(k) plans and more than 6.3 million plan participants.

– Ann Bidou    editors@plansponsor.com

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