The 411 on MMBB’s Move to Fidelity Recordkeeping Services

By now, MMBB members with a balance have received the initial communications about the transition of recordkeeping services for the MMBB Retirement Benefit Plans (the Plans) to Fidelity, which will take place November 1, 2022. In mid-October, members with a balance will receive a transition guide including more detailed information. In the meantime, we’d like to shed some light on what the move of recordkeeping services to Fidelity means for MMBB members.

What is a recordkeeper?

A recordkeeper tracks the assets in retirement plans and is commonly used by financial services companies and employers that offer retirement benefits. A recordkeeper’s primary function is to maintain a record of how much you have in your retirement plan and in which funds your money is invested. Many recordkeeping providers that partner with a financial services organization, like MMBB, are not employed by their clients to offer investments or financial planning services. The administrative tasks performed by recordkeeping services include:

• Generating documents, such as quarterly account statements, for plan participants
• Offering a robust website so plan participants can access information about their accounts and manage them
• Executing account transactions, such as moving money between investments

Is MMBB merging with Fidelity?

No. MMBB has employed Fidelity as a vendor to provide recordkeeping services only for our retirement benefit plans. On November 1, 2022, Fidelity is replacing Conduent, the vendor (including their legacy companies) we have been using since 2000 as our provider of recordkeeping services. MMBB will continue to provide retirement benefits plans to churches and the faith-based community, financial planning as a benefit of membership, financial wellness resources and emergency assistance grants, among our many offerings. We have been honored to serve our members for more than a century and look forward to doing so into the next century.

Will MMBB be offering Fidelity mutual funds as part of the recordkeeping transition?

No. MMBB has only engaged Fidelity as the provider of recordkeeping services for the Plans. We have not enlisted Fidelity to provide us with investments. Our retirement plans and most other provisions will not be changing. Currently, the investments offered through the MMBB Plans will remain the same. However, MMBB’s investment committee meets quarterly to ensure our investment offerings are in line with stated fund objectives. The Vanguard Target Retirement 2070 Fund will be added to the Plans during the transition. 

Why is MMBB making this change?

MMBB enlists several vendors to provide services, in conjunction with our offerings, to serve our members better. For instance, the sufficiency of MMBB’s Annuity Fund is reviewed annually by Mercer, an independent actuarial firm. (An actuary is a business professional who deals with the measurement and management of risk and uncertainty).  

Bank of New York Mellon is the custodian of MMBB’s retirement plan assets or a financial institution that holds MMBB’s assets. MMBB also engages BNY Mellon to track the performance of the funds we offer, serve as the paying agent for our non-qualified plans, and gather employer premiums paid on our website by check or phone. MMBB’s financial statements are audited annually by BDO USA, LLP, an independent audit firm (“BDO”).  

MMBB evaluates its vendors to ensure the most efficient and effective service for our members. During this process, MMBB decided to enlist Fidelity as our new vendor for recordkeeping. Fidelity is one of America’s leading providers of workplace recordkeeping services. With its world-class recordkeeping customer service and state-of-the-art technology, Fidelity will offer even more support for our members’ goals today and in retirement.

Will MMBB members need to re-enroll in their retirement plans?

No. Members will not need to re-enroll in their retirement benefit plans. We will do the heavy lifting for you. Your account balances and investment balances will transfer, and any account loan balances will convert with no action required from you. Your contributions will continue throughout the transition.

What do MMBB members need to do?

You don’t need to do anything right now. However, when you receive your transition guide in mid-October, please read it carefully so that you can plan ahead for the transition.

There will be some actions for members to take after the transition is complete in November. The transition guide will detail those actions.

Will MMBB members require new login information?

Yes, MMBB members will require new login information. You don’t need to do anything right now. MMBB members will receive a separate communication including login instructions.

We’re excited about the move to Fidelity recordkeeping services. If you have questions, please contact MMBB Member Services at 1-800-986-6222.