Fidelity tells Wichita County commissioners education can raise retirement returns; will return with proposal

Wichita County commissioners heard a 15-minute presentation Jan. 9 from Fidelity representatives offering employee retirement-education workshops and enrollment options.

"Because a product is just a product unless you have the education," Brenna Kinsey said, arguing that helping employees understand compound interest and fund choices can increase returns. Kinsey ran examples showing how small percentage-point improvements compound over decades and said Fidelity typically follows workshops with one-on-one appointments averaging about five hours per employee.

Kinsey and Germaine Johnson said Fidelity can provide quarterly workshops for county employees and follow-up individual reviews. Kinsey said the firm’s approach can increase participation and average plan performance: "We typically can increase participation by about 20 to 25, and we always can increase the growth by going in with the education," she said.

Commissioners asked whether the county’s current vendors — cited in the discussion as Nationwide and Secured Benefits — could remain in place while adding Fidelity as an option or whether plans would be moved. Kinsey said Fidelity could act as an additional option or prepare a takeover proposal, and reiterated that any fund changes would be coordinated with HR and would include a detailed fee analysis.

Judge (unnamed in the transcript) closed the item by asking HR to work with the presenters on a follow-up proposal. "I look forward to coming back with a proposal," Kinsey said.

The presentation included numerical examples, staff Q&A on tax treatment and plan types, and an offer from Fidelity to return with a full proposal detailing recommended funds, fees and the structure for workshops and one-on-one sessions.