Adding a trusted contact to the NetBenefits® experience

Providing another layer of support for your participants.

To help safeguard your participants, we are adding another layer of support to their NetBenefits® experience.

Effective mid-November, 2021, all participants will have an option to add a trusted contact to their plan accounts.

What is a trusted contact?

A trusted contact is someone a participant trusts, whom Fidelity can notify related to concerns about potential diminished capacity issues, fraud, neglect, endangerment, and even in emergencies. Trusted contacts have no authority over the participant’s account or access to a participant’s information. For example, trusted contacts may be asked to share or validate information about a participant’s account(s), such as inquiring about whether another person or entity has legal authority to act on the participant’s behalf, but do have the ability to transact on the account(s). While we may share information such as the participant’s name and the issue we are concerned about, we will not provide a trusted contact with information pertaining to the Plan account (e.g., account balance, personal information, or details regarding the Plan).

Why are you adding this feature to NetBenefits?

Offering an extra layer of support and protection is the key benefit of adding a trusted contact. When there are concerns about potential diminished capacity issues, fraud, neglect, endangerment, or in case of emergencies, trusted contacts serve as people whom we can reach out to when we are unable to get in contact with the primary account holder. It can help alleviate frozen accounts and ultimately safeguard participants’ financial futures.

Additional resources:

Adding a trusted contact to an investment account is becoming an industry best practice. View these resources created by FINRA for additional details.

FINRA website

FINRA Infographic

For plan sponsor or investment professional use only.

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