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BOSTON, June 26, 2007 - Fidelity Investments today announced it has expanded its relationship with The Hartford Financial Services Group, Inc. (NYSE: HIG). Fidelity will provide administrative services for The Hartford's human resources (HR) operations, payroll, workforce and talent management functions.
Fidelity currently administers The Hartford's 401(k), pension, health and welfare and stock plan benefits programs for its 45,000 employees and retirees. Under the expanded seven-year agreement, The Hartford will now utilize the Fidelity Total HR AdvantageSM portfolio of services, which supports critical HR functions from recruitment through retirement.
"Transitioning these services to Fidelity will enable our human resources generalists to spend more time engaging with their business partners and providing strategic HR counsel," said Karen Macke, senior vice president of Total Rewards and Human Resources Operations at The Hartford.
"We are very pleased that The Hartford has chosen to expand its existing relationship with Fidelity," said Patrick F. Goepel, president of Human Resources Services for Fidelity Employer Services Company. "Fidelity's dedicated team will provide innovative products and services with a level of service quality, process discipline and technology excellence that gives The Hartford a competitive edge in achieving their business goals."
The transition of The Hartford's HR programs to Fidelity's servicing platform is expected to be completed by the first quarter of 2008. Key offerings under the agreement include:
Talent Management Administration
Fidelity's Talent Management administration will help The Hartford plan and analyze its talent strategy and evolving workforce needs to ensure continuity of leadership across all levels of the organization. Through integrated and configurable technology, the offering supports end-to-end HR activities through the talent management cycle, including Staffing, Performance, Talent Planning and Compensation Management.
Workforce Administration
Fidelity's Workforce Administration offering will provide The Hartford with a full range of Payroll Administration, Time and Attendance and HR Administration technology and call center services that will enable the firm's employees, managers and HR staff to effectively and efficiently manage work and life events. Fidelity will track The Hartford's employee records across the enterprise and provide actionable management information to help drive HR decision making.
Benefits Administration Fidelity already provides The Hartford with its integrated Benefits Administration services, which include employee and retiree savings and retirement programs, stock plan and health & welfare benefits services. As part of this offering, Fidelity also provides benefits reporting and data and carrier assistance - all offered through a single access-point to help drive a higher level of engagement among employees and retirees.
All of these services will be delivered through Fidelity's call center representatives and its NetBenefits® and eWorkplace® easy-to-use, self-service tools and resources for employees and managers, respectively.
About The Hartford
The Hartford, a Fortune 100 company, is one of the nation's largest financial services and insurance companies, with 2006 revenues of $26.5 billion. The Hartford is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance. International operations are located in Japan, Brazil and the United Kingdom. The Hartford's Internet address is www.thehartford.com.
About Fidelity Employer Services Company
Fidelity Employer Services Company (FESCo) is a division of Fidelity Investments. FESCo provides defined contribution and defined benefit retirement services, employer benefits and human resources administration, and payroll services to more than 20 million participants in the United States as of May 31, 2007.
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Fidelity Investments Institutional Services Company LLC
82 Devonshire Street, Boston MA 02109 |
