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Fidelity Web 401(k) soars
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February 9, 2000: 4:42 p.m. ET
Mutual fund company attracts small business clients with retirement plan
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NEW YORK (CNNfn) - Fidelity Investments has benefited from the frenzy of interest ignited by the business-to-business marketplace on the Internet.
The nation's largest mutual fund company announced Wednesday that its e401k plan offered to over the Web is sold two-to-three times faster than any of its other small business 401(k) plans.
"In today's competitive job market, many small firms are finding it absolutely necessary to offer a 401(k) plan in order to more successfully attract and retain talented workers," said Peter J. Smail, president of Fidelity Institutional Retirement Services. "For technology savvy companies, e401k is one of the most cost-efficient ways to offer this important employee benefit."
Fidelity said since the product's launch in October, it has been sold to more than 130 firms. More than half of those sales have been in three states - California, New York and Massachusetts.
"This year, we anticipate over 500 firms will implement e401K in their workplaces," said Smail.
The plan available at www.fidelitye401k.com includes investment options, record keeping and customer support.
Small business users pay a set-up cost of $750 and annual record-keeping fees of $1,750 in addition to $20 per plan participant.
Fidelity Investments has total managed assts of $955.1 billion and offers investment management, retirement, brokerage and shareholder services directly to individuals and institutions, and through financial intermediaries.
The firm is also the No. 1 provider of 401(k) retirement savings plans, the second largest discount brokerage firm and the third largest provider of 403(b) retirement plans for tax-exempt institutions in the United States. 
--by Antoinette Coulton
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Fidelity
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