Tenneco Chooses Fidelity to Provide Pension Retirement Plan Administration

Fidelity Investments reported that Tenneco has chosen it to provide administrative services to Tenneco's defined contribution 401(k) and defined benefit pension plans.

In its release, Fidelity Investments said the plans have 7,700 401(k) participants and 11,000 pension participants and a combined asset value of nearly $1 billion.

"We're pleased to be working with Fidelity given its outstanding client service, attention to detail and innovative technologies in the administration of workplace retirement plans, both pensions and 401(k)s," said Rex Abercrombie, vice president of Total Rewards, Tenneco.

"Companies design their benefits programs to meet the unique needs of their employees," said Steve Patterson, executive vice president of Sales, Fidelity Investments. "Our smartphone and tablet apps offer continuous access to Tenneco's geographically dispersed population, a perfect fit for the company and a great example of our innovative use of technology."

Fidelity currently manages defined contribution plans for 23,300 companies, including corporate 401(k) plans as well as tax-exempt and advisor-sold plans3. The firm also administers 820 defined benefit pension plans for 170 companies and 4.4 million participants.

Fidelity said the Tenneco benefits team will have a single point of contact for both retirement plans to help it address administration, risk management and plan design needs. In addition, Fidelity's Benefits Consulting will provide actuarial services for the U.S. defined benefit pension and retiree medical plans. The Benefits Consulting team also will help Tenneco manage fiduciary risk, communicate effectively with participants and leverage powerful analytics to create benefit projections.

Fidelity is a provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products.

Tenneco is an $8 billion global manufacturing company with headquarters in Lake Forest, Ill.

More information:

www.fidelity.com

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