Investments® announced today that Tenneco Inc. (NYSE:
TEN), an $8 billion global manufacturing company with headquarters in
Lake Forest, Illinois, has chosen it to provide administrative services
to Tenneco’s defined contribution 401(k) and defined benefit pension
plans. The plans have 7,700 401(k) participants1 and 11,000
pension participants and a combined asset value of nearly $1 billion2.
“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
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.
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’s Retirement Education Helps Employees at All Life Stages
Tenneco’s diverse workforce is spread throughout the country and
includes employees in manufacturing, engineering, technology and
management. To best support them in their various work environments,
Fidelity offers Plan
for Life, its educational guidance experience. Plan for Life support
is available online, through dedicated phone representatives, on
smartphone and tablet
apps, and at Fidelity’s more than 180
investor centers nationwide, including those in Greater Chicago,
close to Tenneco’s headquarters.
About Fidelity Investments
At Fidelity, our goal is to make financial expertise broadly accessible
and effective in helping people live the lives they want. We do this by
focusing on a diverse set of customers: from 23 million people investing
their own life savings, to 20,000 businesses needing help managing their
employee benefit programs to 10,000 advisors and brokers needing
technology solutions to invest their own clients’ money. Privately held
and with 40,000 employees around the world, Fidelity is a leading
provider of investment management, retirement planning, portfolio
guidance, brokerage, benefits outsourcing and many other financial
As of May 31, 2014, the company held assets under administration of $4.8
trillion, including managed assets of $2.0 trillion. It is one of the
largest mutual fund companies in the United States and the No. 1
provider of both workplace savings plans and Individual Retirement
Accounts (IRAs). For more information about Fidelity Investments, www.fidelity.com
Tenneco and Fidelity Investments are not affiliated.
Fidelity Brokerage Services LLC, Member NYSE, SIPC
Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc.
Salem St., Smithfield, RI 02917
© 2014 FMR LLC. All rights reserved.
1 401(k) participants include both active employees and
2 Assets are of all Tenneco participants and
include actively employed participants and retired participants who
still hold a balance in the plan.
3 As of March 31, 2014.
Chuck Kabat, 617-563-3365
us on Twitter @FidelityNews
Source: Fidelity Investments