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BOSTON, January 27, 2005 -- Fidelity Investments today announced that BASF
Corporation has selected it to provide administrative services for its human resources
operations, payrolls, health and welfare benefit programs and retirement plans for its
nearly 20,000 U.S. employees and retirees.
As part of the five-year contract, BASF will have access to a broad range of
human resources and benefits administration services, including integrated workforce
effectiveness services such as compensation planning, performance management, talent
management, and learning management; payroll, timekeeping and attendance;
personnel administration; employee records; HRIS management; health and welfare;
defined benefit and defined contribution plans.
"We believe that Fidelity's full range of services and capabilities may provide us
with opportunities to streamline operations and achieve cost efficiencies," said Norman
H. Maas, senior vice president of human resources for BASF in North America.
"Additionally, Fidelity's ongoing commitment and investment in its offering allows us
to provide our employees with access to leading-edge technology through a single point
of contact."
"BASF's decision is great news for Fidelity and represents only the second time
a major corporation like BASF has transitioned from one HR and benefits outsourcer to
another," said Peter J. Smail, president, Fidelity Employer Services Company. "This
contract reinforces companies' increased interest in outsourcing HR and benefits
services to a single provider with a multi-client, scaleable platform."
The transition of BASF's programs to Fidelity's servicing platform is expected to
be completed by fall 2005, with most services being activated in early 2006.
Fidelity will provide BASF's employees with comprehensive communication and
education for all of its services, which will be delivered through call center
representatives and its NetBenefitsSM and eWorkplace® Web sites, which offer selfservice
tools and capabilities. According to the agreement, Fidelity will provide BASF
with services including:
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HR Administration, Payroll and Workforce Effectiveness -- Fidelity will
support BASF's HR professionals with a full range of HR administration services,
including a full suite of workforce effectiveness solutions, Web-based self-service
tools and decision support tools for HR professionals. By January 2006, the
conversion of BASF's payroll to Fidelity's service platform will be completed.
Fidelity will provide total payroll administration services for BASF employees in
the U.S., including timekeeping, gross-to-net payroll processing, tax reporting
and banking services.
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Health & Welfare -- Effective for next fall's annual enrollment season, Fidelity
will manage and provide administration services for BASF's health and welfare
plans for nearly 20,000 active employees, retirees, and their dependents. Serving
as the single interface between the company and its vendors, Fidelity will deliver
online tools and administration resources, such as full-service enrollment,
regulatory compliance and life-event processing for all medical, dental and
vision programs.
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Defined Contribution -- Fidelity will provide recordkeeping, employee communication and education services to plan participants in the U.S. BASF employees will have convenient online access to
their defined contribution accounts for benefit statements, account transactions,
retirement modeling, information about the company's plan and investment
options, and an array of retirement planning tools.
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Defined Benefit -- Fidelity will provide administration services for BASF's
defined benefit pension plans, covering nearly 20,000 active employees and
retirees. Defined benefit administration services include data management,
event processing, benefit calculations, online retirement modeling, retiree check
disbursements and post-retirement administration services.
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BASF -- The Chemical Company. We don't make a lot of the products you buy. We
make a lot of the products you buy better.®
BASF Corporation, headquartered in New Jersey, is the North American affiliate
of BASF AG, Ludwigshafen, Germany. We employ about 11,000 people in North
America and had sales of approximately $9 billion in 2003.
BASF is the world's leading chemical company. Our goal is to grow profitably
and further increase the value of our company. We help our customers to be more
successful through intelligent system solutions and high-quality products. BASF's
portfolio ranges from chemicals, plastics, performance products, agricultural products
and fine chemicals to crude oil and natural gas. Through new technologies we can tap
into additional market opportunities. We conduct our business in accordance with the
principles of sustainable development. In 2003, BASF had sales of approximately $42
billion. BASF share are traded on the stock exchanges in Frankfurt (BAS), London
(BFA), New York (BF), Paris (BA) and Zurich (AN). Further information on BASF is
available at www.basf.com.
About Fidelity Employer Services Company
Fidelity Employer Services Company provides benefits and human resources
administration, workforce effectiveness, payroll solutions and stock plan services to
over 18 million employees in the U.S. as of November 30, 2004.
About Fidelity
Fidelity Investments is one of the world's largest providers of financial services,
with custodied assets of $2.0 trillion, including managed assets of $1.1 trillion as of
November 30, 2004. Fidelity offers investment management, retirement planning,
brokerage, human resources and benefits outsourcing services to more than 19 million
individuals and institutions as well as through 5,500 financial intermediaries. The firm
is the largest mutual fund company in the United States, the No. 1 provider of
workplace retirement savings plans, one of the largest mutual fund supermarkets and a
leading online brokerage firm. For more information about Fidelity Investments, visit
www.Fidelity.com.
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Fidelity Employer Services Company LLC, 82 Devonshire Street, Boston, MA 02109.
Defined contribution products and services are offered by Fidelity Investments Institutional Services Company, Inc
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