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Rating:Fido To Eliminate DB Plan Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, March 29, 2007

Fido To Eliminate DB Plan

by: Erin Kello

Fidelity has made the decision to eliminate its pension plan for roughly 32,000 of its employees. This move is symbolic in that Fido has been at the front of the movement to place the responsibility of retirement on the workers, not the companies.

The Boston Globe reports that Fido will offer increased benefits in the company's 401(k) plan plus a new health-savings credit to help pay medical expenses when workers retire, and will allow them to roll their existing pension benefits into a Fidelity profit-sharing plan .

Fido makes this move in response to internal surveys that showed 71 percent of its employees didn't know how they would pay for healthcare in retirement 

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