BOSTON - Fidelity Investment said it would discontinue the annual maintenance fee on individual retirement accounts with balances of $5,000 or more.
The move is a bid to increase the company's share of the retirement-savings market and attract funds being rolled over from pension plans.
The waiver also covers Fidelity Brokerage IRAs containing a Fidelity mutual fund position of $5,000 or more.
Two months ago the company waived the sales loads on most of its equity funds of $5,000 or more when purchased for retirement accounts.
"We are determined to be the retirement provider of choice," said Roger Servison, president of Fidelity Investments Retail Marketing Co.