Retirement plan participants who have accounts with Fidelity Investments have received statements this week that may cause great concern. Depending on the source of the money in an account (employer or employee contributions) a participant may see a zero balance with no indication that it was transferred to another account in their name.
I want to assure everyone that no money will be lost in this administrative transfer and follow-up statements should be in the mail now to show the other half of the transaction.
This was not a procedure requested or required by Cornell. This transfer to new account numbers is entirely a Fidelity requirement to properly classify accounts by source of funds in their systems. Nonetheless, some Fidelity telephone representatives are stating that the transfer of accounts was Cornell's idea.