Fidelity Investments, the nation’s No. 1 provider of workplace retirement savings plans,
today announced it has been chosen by AT&T Inc. (NYSE: T) as its sole retirement provider. The expanded relationship will include the administration and recordkeeping of AT&T’s defined benefit programs, the second largest private pension plan in the United States.
Fidelity, already the provider of the communications company’s 401(k) plans and a portion of its defined benefit programs, will serve all AT&T retirement plan participants.
The five-year agreement will result in Fidelity adding over 250,000 new defined benefit participants with a combined total of over 650,000 defined benefit participants as well as the current defined contribution participants that total over 343,000. AT&T’s defined contribution plans are, in the aggregate, also the second largest private defined contribution plan in the country.
“AT&T’s leadership has determined that a single provider to meet the retirement needs of our employees and retirees is the best strategy for our company,” said Marty Webb, Vice President - Benefits, AT&T. “Fidelity’s long history and deep experience in administering the most complex retirement plans in the country make it the right provider for our needs.”
“We are thrilled and honored to be expanding and continuing our relationship with AT&T,” said James M. MacDonald, president, Workplace Investing, Fidelity Investments. “We look forward to providing every participant a rewarding customer experience that gives them access to all the investment guidance, resources and tools necessary to successfully plan for that next phase in their lives.”
AT&T will be migrating to a single retirement provider over the next two to three years. Once final migration has occurred, all participants will then have access to a single view of their retirement information as well as planning tools through Fidelity’s NetBenefits® Web site.
AT&T Inc. (NYSE:T) is a premier communications holding company. Its subsidiaries and affiliates – AT&T operating companies – are the providers of AT&T services in the United States and around the world. With a powerful array of network resources that includes the nation's fastest mobile broadband network, AT&T is a leading provider of wireless, Wi-Fi, high speed Internet and voice services. A leader in mobile broadband, AT&T also offers the best wireless coverage worldwide, offering the most wireless phones that work in the most countries. It also offers advanced TV services under the AT&T U-verse® and AT&T |DIRECTV brands. The company's suite of IP-based business communications services is one of the most advanced in the world. In domestic markets, AT&T Advertising Solutions and AT&T Interactive are known for their leadership in local search and advertising. In 2010, AT&T again ranked among the 50 Most Admired Companies by FORTUNE® magazine.