WESTBOROUGH, Mass. Emplanet Inc., an online 401(k) provider, said it has hired a former Fidelity executive to be its president.
Mike Perez, 48, was a senior vice president at Fidelity Investments Retirement Service Co., where he worked for 15 years before retiring. He assumed the post at Emplanet as the company tries to boost sales of its retirement product through banks and insurance companies.
We see ourselves as the processing engine and them having the distribution legs, Mr. Perez said Wednesday. He said he expects to announce bank partnerships within a month.
During his tenure at Fidelity, Mr. Perez helped develop the bundled 401(k). He also maintained plans for customers such as Shell Oil Co., United Airlines, and John Deere. Emplanet said Mr. Perez decided to come out of retirement because he wants to be part of the next revolution in 401(k) services.
Before working for Fidelity, Mr. Perez was an assistant vice president at Northern Trust, where he was responsible for investment performance analysis.
Emplanet was started in January 2000. In January 2001, it launched an online 401(k) service aimed at selling retirement products to small and midsize companies.