BOSTON--(BUSINESS WIRE)--Fidelity Investments® announced today that it now provides defined contribution 401(k) retirement plan services to Bimbo Bakeries USA, the U.S. business unit of the world’s leading baking company, Grupo Bimbo. In the U.S., the company operates more than 65 bakeries and distributes brands such as Arnold®, Oroweat®, Entenmann’s®, Sara Lee®, Thomas’® and many others. Bimbo’s 401(k) plan has approximately 14,000 participants1 with assets of $860 million. Bimbo is a former Fidelity client that, due to corporate merger and acquisition activity, three years ago selected another provider. But now Bimbo is back with Fidelity for its recordkeeping expertise and recognized high service levels.
“We’re really excited to be back with Fidelity to benefit from an industry leader offering, superior client service, an engaging participant experience, and innovations in education and communication strategies,” said Carolyn Wood, Director of Retirement, Bimbo Bakeries USA. “Choosing Fidelity as our 401(k) provider reinforces our commitment to providing world-class benefits that help our associates on the path toward financial well-being and retirement readiness. In Fidelity, our associates have a provider guiding them in saving for retirement and helping them to secure their future.”
“Fidelity understands how important client service is today,” said Steve Patterson, Executive Vice President of Sales, Fidelity Investments. “That’s why we make it a top priority in how we partner with our clients like Bimbo and with their employees. Service coupled with our broad expertise and innovative approach to plan design and education are increasingly Fidelity’s undisputed advantages. And, we’re putting all these strengths to work for Bimbo, helping their benefits teams and their employees better plan for their financial futures.”
Bimbo’s 401(k) plan is designed to help associates make the most of their savings opportunities, no matter their tenure with the firm, age or geographic location. It auto enrolls new associates, provides an auto increase program to annually boost savings by one percent per year, and offers a Roth 401(k) deferral, a savings option that has numerous tax advantages, especially for younger investors with the longest savings horizon.
Fidelity’s Retirement Education Always Available to Bimbo Employees
With Bimbo’s workforce so geographically dispersed, the company sought a retirement provider that offers the latest in digital technologies for convenient access to account information and educational guidance. Fidelity’s employee NetBenefits® digital guidance experience, available on the web, and on smartphone and tablet apps, helps ensure every Bimbo employee has access to their plan information when and where they choose. These digital offerings are part of Plan for Life, Fidelity’s workplace guidance experience, which also includes dedicated phone representatives, webinars, videos and support from Fidelity’s more than 180 investor centers nationwide, including many located near Bimbo’s various bakeries.
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 U.S. and the No. 1 provider of both workplace savings plans and Individual Retirement Accounts (IRAs). For more information about Fidelity Investments, www.fidelity.com
Bimbo Bakeries and Fidelity Investments are not affiliated.
Fidelity Brokerage Services LLC, Member NYSE, SIPC
900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc.
500 Salem St., Smithfield, RI 02917
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1 Plan participants include both current employees and retirees with a balance.