BOSTON--(BUSINESS WIRE)--Fidelity Investments®, a leading provider of employer benefits, today announced it has been chosen by Office Depot (NYSE: ODP) to provide the office products and services company with benefits administration services.
Under the five-year agreement, Fidelity will provide eligible Office Depot employees administration and recordkeeping services for their retirement savings plans, health and welfare benefits and stock plan services. Participants will be able to manage all three benefits under Fidelity’s integrated web-based benefits platform, NetBenefits®.
Office Depot’s retirement program, which includes its 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.
“In choosing a partner to provide recordkeeping and administrative services for our employee benefits, we were looking for a company with the industry leadership and experience to help our associates navigate their health and retirement benefits in one, centralized and user-friendly platform,” said Jo Anne Moeller, Vice President, Compensation, Benefits and HRIM for Office Depot. “With Fidelity, our associates will get ongoing services from an industry leader, innovative investment and educational tools, and access to significant educational resources that will assist them in managing their health benefits, while saving for their retirement.”
“Office Depot, like many leading companies, has complex benefits needs and a diverse workforce,” said Jeffrey Lagarce, executive vice president, Sales and Relationship Management, Fidelity Investments. “By choosing Fidelity as the provider of their retirement, health and welfare, and equity benefits, employees get a streamlined experience that makes it easier to manage their benefits, while providing efficiencies and process improvements for Office Depot.”
Office Depot’s employees will have access to Fidelity’s investment education programs including help from professional service representatives via phone, online educational tools and Webinars, plus a host of informational seminars available throughout Fidelity’s 146 investor centers nationwide.
About Office Depot
Every day, Office Depot is Taking Care of Business for millions of customers around the globe. For the local corner store as well as Fortune 500 companies, Office Depot provides products and services to its customers through 1,600 worldwide retail stores, a dedicated sales force, top-rated catalogs and a $4.1 billion e-commerce operation. Office Depot has annual sales of approximately $12.1 billion, and employs about 41,000 associates around the world. The Company provides more office products and services to more customers in more countries than any other company, and currently sells to customers directly or through affiliates in 53 countries.
Office Depot’s common stock is listed on the New York Stock Exchange under the symbol ODP and is included in the S&P 500 Index. Additional press information can be found at: http://mediarelations.officedepot.com.
About Fidelity Investments
Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of nearly $3.3 trillion, including managed assets of $1.5 trillion, as of September 30, 2010. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.
Office Depot is not affiliated with Fidelity Investments.
Fidelity Brokerage Services LLC, Member NYSE, SIPC
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Smithfield, RI 02917
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