Dear 401(k) Plan Participant,
New federal regulations apply to investment advice services provided to 401(k) participants and others saving for retirement. For several years, Fidelity, the current record keeper for MIT’s 401(k) Plan, provided investment guidance to individual participants upon request, both on site and over the phone, as well as group educational workshops.
As a result of the new regulatory framework, Fidelity’s investor guidance services, including on site and phone consultations as well as workshops, will no longer be available to the MIT community after June 9, 2017. No other aspect of MIT’s 401(k) plan is affected. We understand the discontinuance of these services may be inconvenient for those of you with an upcoming Fidelity appointment or the intention to make one, and we are sorry this action has become necessary because of regulatory developments.
You can still access Fidelity’s investment tools on the NetBenefits website and perform transactions online or by calling Fidelity at 877-648-7283. MIT Benefits will also work to provide alternative educational resources and workshops to assist the MIT community in planning for retirement.
Thank you for your patience and understanding.
Director, MIT Benefits