According to the announcement, Fidelity will provide Office Depot with administration and recordkeeping services for the duration of the five-year contract, covering the retirement savings plans, health and welfare benefits, and stock plan services. Participants will be able to manage all three benefits under Fidelity’s NetBenefits Web site.
Office Depot’s retirement program, which includes 401(k) plans for U.S. and Puerto Rico employees and deferred compensation plans, currently has about 17,000 participants and $336 million in assets. Fidelity’s Health & Welfare services for Office Depot, which will include administration, eligibility and election of health benefits, will serve about 20,000 Office Depot employees. Fidelity will also provide administrative services for Office Depot’s long-term incentive compensation plans through its Stock Plan Services offering for eligible domestic and international employees.
Office Depot’s employees will have access to Fidelity’s investment education programs, including help from professional service representatives, online educational tools, and informational seminars available online or in-person at Fidelity’s 146 investor centers.