Webster Financial Corp., Waterbury, Conn., hired Fidelity as its $80 million 401(k) plan's first bundled provider, said Patrick Murphy, executive vice president-human resources. Fidelity replaced former investment provider UBS Financial Services and previous third-party administrator and record keeper WySTAR Global Retirement Solutions, Mr. Murphy said; both firms were considered in the shortlist search. Plan officials wanted a bundled approach to reduce administrative costs, provide better fund selection and improve the use of technology, he said.
The plan also added five Fidelity Freedom funds, its first lifestyle fund options, bringing the total options offered to 21, up from 16, he said. No consultant was used.