Separated Participant Communications
Helping separated participants understand their distribution options so they can make important money decisions for their financial future.
Program details
What are the goals of this program?
Our goal for this communications program is to help separated participants understand the distribution options they have for the money in their Fidelity workplace retirement savings account with a former employer so they can make an informed decision about what to do with their savings. We hope these triggered email communications will provide robust and easy-to-understand educational resources that will truly help participants manage their money during important—and often emotional—life moments (e.g., experiencing a job change or retirement).
When will these communications be sent?
Changes to a participant's status code will automatically trigger these communications.
Who will receive these communications?
The communications outlined in the chart below will be sent to separated participants who meet the following criteria:
- Age 18+
- T or R status code
- For newly separated participants (separated less than 45 days), balance thresholds are based on the 402(f) balance threshold and can vary by plan, but most are ≥ $1,000
- For tenured separated participants (separated longer than 45 days), the balance threshold is > $100
What messages will participants receive?
The program features a multiple-touch email communications stream (using participant-provided email addresses).
Understanding Day 1/Touch 1
In order for newly separated participants to receive the one-time emails that are triggered on days 7, 15, 30, and 45 after their initial separation date, they must first receive a 402(f) legally required communication (also referred to as the “Special Tax Notice”) on day 1. The balance requirement for the 402(f) is typically ≥ $1,000 but may vary by plan. The newly separated communications will leverage the same balance threshold as the plan’s 402(f) notice.
The 402(f) tax notice includes an email with print backup (for participants that haven’t provided a valid personal email address). All of the following communications are email only.
*Separated participants who remain in plan after 45 days will receive ongoing communications at 180 days and again at 365 days (if no action is taken) after their initial separation date. Participants will receive these communications annually on the 180- and 365-day anniversary of their separation date until they take action.
What is the call to action?
All instructions vary based on message, and include a digital-first approach and link to support, education, and tools available on NetBenefits®. The primary call to action for both streams will direct participants to articles that explain their distributions options:
A toll-free phone number for 1-to-1 support will be included for Advice-eligible plans as a secondary call to action. Education-only plans will not be directed to call.