By a News Reporter-Staff News Editor at Journal of Technology -- Fidelity Investments® announced 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 technology."
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 products.
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.comTenneco and Fidelity Investments are not affiliated. Fidelity Brokerage Services LLC, Member NYSE, SIPC900 Salem Street, Smithfield, RI 02917 Fidelity Investments Institutional Services Company, Inc.500 Salem St., Smithfield, RI 02917 692517.1.0© 2014 FMR LLC. All rights reserved. 1 401(k) participants include both active employees and retirees.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.
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