Fidelity Investments® Selected as Sole Service Provider for University of Oklahoma Retirement Plans

BOSTON--(BUSINESS WIRE)-- Fidelity Investments^®, a leading provider of not-for-profit workplace retirement savings plans in higher education¹, today reported that it has been selected by the University of Oklahoma (OU) as the sole administrative service provider for its 401(a), 457 and 403(b) defined contribution retirement plans, effective Oct. 1, 2011. The university’s retirement plans service more than 10,000 participants, representing approximately $1.2 billion in retirement savings.

The selection of a sole administrative service provider allows OU to help support its employees with their retirement savings goals through a streamlined and simplified retirement plan offering.

“We put together an evaluation team that used several criteria during the consolidation process,” said Chris Kuwitzky, chief financial officer and chairman of the Retirement Plans Management Committee, University of Oklahoma. “Fidelity demonstrated an understanding of the University’s desired goals and expectations for the plans’ recordkeeping and represented the best value to the University.”

New regulations, which took effect on January 01, 2009, sought to make 403(b) plans more like 401(k) plans by increasing accountability in how employers select and monitor retirement plan providers and results. With more fiduciary responsibility and oversight required by employers than in years past, many higher education institutions, some of which have anywhere from five to 50 or more retirement plan providers, are evaluating the feasibility and effectiveness of overseeing multiple providers within their retirement plans.

“In addition to easing the administrative burden of maintaining multiple providers within their retirement plans, consolidation has increasingly become a solution for many not-for-profit employers, like the University of Oklahoma, in helping minimize fiduciary risk and exposure and delivering a more beneficial plan for employees, “ said John Ragnoni, executive vice president, Tax Exempt Business, Fidelity Investments. “Fidelity can partner with employers throughout the process – from developing a consolidation strategy to helping employees through the critical transition to the new retirement offering and long-term retirement readiness.”

Fidelity’s plan offering to OU employees includes comprehensive education and investment guidance, state-of-the-art technology with online enrollment capabilities and a broad array of investment options designed to meet various investor needs and preferences.

Fidelity serves over 3.5 million not-for-profit participants in more than 2,000 workplace savings plans across higher education, healthcare and other institutions. Fidelity is an industry leader in assisting not-for-profit plan sponsors with retirement plan consolidation² and is the No. 1 retirement provider to the health care market and No. 2 provider in higher education³.

About Fidelity Investments

Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $3.6 trillion, including managed assets of more than $1.6 trillion, as of Feb. 28, 2011. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.

Fidelity Brokerage Services LLC, Member NYSE, SIPC
900 Salem Street, Smithfield, RI 02917

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© 2011 FMR LLC. All rights reserved.

¹ Based on Q4 2010 data sourced from LIMRA and Fidelity Market Insights Group

² Fidelity Perspectives: Tax Exempt Market, Summer 2010. Vendor Consolidation in Higher Education: Getting More from Less

³ Based on Q4 2010 data sourced from LIMRA and Fidelity Market Insights Group

Fidelity Corporate Communications
617-563-5800

Source: Fidelity Investments