Fidelity Enhances Guidance for Retirement Plan Participants

Fidelity recently introduced Income Simulator, an interactive tool that shows employees their potential monthly income in retirement. Participants can instantly see the potential effect of any changes they make to their contribution rates, retirement age and asset allocation. The tool makes it easy for participants to take action and implement change.

Fidelity said enhancements scheduled for later this year and into 2013 would allow more account types to be integrated into the experience, and enable a broader benefits view for more robust planning capabilities.

The firm has also begun rolling out a series of major enhancements to NetBenefits.com intended to deliver a more integrated and intuitive experience to boost employees’ confidence in making decisions. Among other things, it provides specific guidance on various work and life events including starting at or leaving a company, having a child and retirement planning, as well as steps for an annual financial checkup.

“Plan for Life is a reflection of how our participants’ needs have evolved and expanded over the years with competing financial priorities and a heavier reliance on their workplace savings plans to help them plan for retirement,” Julia McCarthy, executive vice president at Fidelity Investments, said in the statement.

“Simply asking employees to save more money from each paycheck no longer addresses many of the challenges our participants are facing in today’s economic environment. Plan for Life and the significant investments we continue to make in our participant experience will help them manage the complexities but simplify the decision-making process.”