CHARLOTTE, N.C., April 2 /PRNewswire/ -- Bank of America announced
today it would enter into key human resources partnerships with
Hewitt Associates and Plateau Systems with service starting in 2011
and narrow its relationship with Fidelity in a strategic move to
deliver the next generation of human resources capabilities.
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The bank's new service delivery model uses multiple human
resources service providers, with one primary provider delivering
the core human resources technology platform and operational
integration with the other specialists. This model will continue to
deliver costs and operational efficiencies as well as provide
market-leading human resources technologies to the bank's managers
and associates. It will also enable providers to focus on their
core competencies and continue to provide a high level of service
to associates.
As part of a new 5 1/2 year ongoing service contract, Hewitt – a
global human resources consulting and outsourcing services company
– will support human resources administration, payroll, and health
and life management administration; provide enabling technology for
timekeeping, recruiting applicant tracking; global talent and
performance management and offer core service center support for
all U.S. Bank of America associates. The global learning management
system, provided by Plateau Systems, will be integrated into the
Hewitt platform to manage the administration, delivery and tracking
of learning and training across the Bank of America enterprise.
U.S. associates will experience a change in tools and customer
service support for health and life management benefits, human
resources/payroll administration, timekeeping, and recruiting
applicant tracking systems starting in 2011 through a phased
integration. All associates, including those outside of the U.S.,
will experience a change to the global learning and talent and
performance management human resources tools.
Access to all services will be integrated through Hewitt's
online portals, including myHR® (human resources and payroll
self-service) and Your Benefits Resources™ (benefits
self-service).
In 2009, Fidelity scaled back and adjusted its investment and
growth strategy in the large-client human resources
administration/payroll outsourcing business to focus its investment
on small- and mid-size markets. Bank of America evaluated options
to continue with the current contract but decided to initiate a
request for proposal in 2009 with HRO market leaders to define and
select the next generation delivery model for the company.
Fidelity will continue to administer retirement services for
Bank of America associates under the current contract. Retirement
services and stock plan administration for Merrill Lynch associates
will remain with Bank of America Merrill Lynch Retirement and
Philanthropic Services (RPS). Stock plan administration for Bank of
America associates will migrate to RPS by year-end 2010.
Bank of America
Bank of America is one of the world's largest financial
institutions, serving individual consumers, small- and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United
States, serving approximately 59 million consumer and small
business relationships with 6,000 retail banking offices, more than
18,000 ATMs and award-winning online banking with nearly 30 million
active users. Bank of America is among the world's leading wealth
management companies and is a global leader in corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers
industry-leading support to more than 4 million small business
owners through a suite of innovative, easy-to-use online products
and services. The company serves clients in more than 150
countries. Bank of America Corporation stock (NYSE: BAC) is a
component of the Dow Jones Industrial Average and is listed on the
New York Stock Exchange. www.bankofamerica.com
Hewitt Associates
Hewitt Associates (NYSE: HEW) provides leading organizations
around the world with expert human resources consulting and
outsourcing solutions to help them anticipate and solve their most
complex benefits, talent, and related financial challenges. Hewitt
works with companies to design, implement, communicate, and
administer a wide range of human resources, retirement, investment
management, health care, compensation, and talent management
strategies. With a history of exceptional client service since
1940, Hewitt has offices in more than 30 countries and employs
approximately 23,000 associates who are helping make the world a
better place to work. For more information, please visit
www.hewitt.com.
Plateau Systems
Plateau Systems is the industry's premier provider of
enterprise-class SaaS talent management suites. Major global
corporations and government agencies, including General Electric,
the U.S. Air Force and Capital One Services are using Plateau's
integrated talent management solutions to improve productivity and
facilitate strategic workforce initiatives around learning,
performance, compensation and career and succession management.
Plateau is widely recognized throughout the industry for its
commitment to customer satisfaction, forward-thinking vision and
for consistently delivering best-in-class functionality. Founded in
1996, Plateau is headquartered in Arlington, Va., and has offices across
the United States, Europe and Asia
Pacific. For more information about Plateau, visit
www.plateau.com.
Fidelity Investments
Fidelity Investments is one of the world's largest providers of
financial services, with assets under administration of over
$3.2 trillion, including managed
assets of $1.5 trillion as of
February 28, 2010. Fidelity offers
investment management, retirement planning, brokerage, and human
resources and benefits outsourcing services to over 20 million
individuals and institutions as well as through 5,000 financial
intermediary firms. The firm is the largest mutual fund company in
the United States, the No. 1
provider of workplace retirement savings plans, the largest mutual
fund supermarket, a leading online brokerage firm and one of the
largest providers of custody and clearing services to financial
professionals. For more information about Fidelity Investments,
visit www.fidelity.com.
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Reporters May
Contact:
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Kelly Sapp, Bank of
America, 1.980.386.9514
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kelly.e.sapp@bankofamerica.com
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Catherine Brandt,
Hewitt, 1.847.442.2994
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catherine.brandt@hewitt.com
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Amy Wulfestieg, Hewitt,
1.847.442.4982
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amy.wulfestieg@hewitt.com
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Jeff Kristick, Plateau
Systems, 1.703.678.0681
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jeff.kristick@plateau.com
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Fidelity Media
Relations, 1.617.563.5800
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FidelityCorporateAffairs@fmr.com
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SOURCE Bank of America