john.
me thinks this caused PAYX to bomb today. big volume -- almost triple yesterday's action.
as you're probably well aware, HRS-PEO -- 401(k) recordkeeping, in particular -- is PAYX's fastest growing segment. combined with ADP's announcement last year to begin offering internet-based payroll reporting, PAYX better get on the web.
if you find any rochester press, i'd be most appreciative.
-chris.
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Fidelity to offer 401(k) plans on Net
By Bloomberg News
Special to CNET News.com
March 2, 1999, 11:35 a.m. PT
Fidelity Investments, the biggest U.S. fund company, will offer small businesses 401(k) plans sold and managed over the Internet.
The Boston-based mutual fund company said the product, called e401k, will be marketed starting this summer. It will be sold to technology-savvy small businesses "that have found it difficult to offer such an important employee benefit and are finding a 401(k) is a must in today's competitive labor market,'' said Peter J. Smail, president, Fidelity Institutional Retirement Services.
Employers will be able to administer the plans and generate reports and personalized communication with employees over the Internet, Fidelity said. Employees will have access to educational materials, retirement planning tools, plan enrollment, and account monitoring and management.
Fidelity, the nation's largest 401(k) plan provider, said more than 1 million participants manage and monitor their 401(k) accounts using its NetBenefits product for corporations, who in turn use the Plan Sponsor WebStation system to administer their plans online.
Fidelity's small-business 401(k) unit provides plans to more than 5,000 firms. The e401k product will offer a menu of about 35 mutual fund investment options from Fidelity, including diversified equity, fixed-income and money market funds.
As of January 31, Fidelity had total managed assets of $781.8 billion. In September, the company said its 401(k) investors for the first time used the Internet more often than the phone to access their accounts. |
