Michael Perez recently became president of Emplanet, a provider of automated 401(k) services based in Westborough, Mass. Perez gained prominence in the 401(k) industry as a senior executive for Fidelity Investments' Retirement Service Company in Boston. As a Fidelity senior vice president of sales, he sold plans to companies such as Shell Oil, United Airlines and John Deere and maintained total assets of $20 billion. At the start of his 15-year tenure at Fidelity, he played a key role in the development of bundled 401(k) services, which quickly became an industry standard, according to Emplanet. He was also in the forefront of Fidelity's entry into pension and health and welfare administration in the early 1990s as well as its payroll and human resources information services programs. Before joining Fidelity, he was assistant vice president for the Northern Trust Corporation, where he performed investment analysis. He spoke with freelance reporter John P. Mello Jr. on issues affecting the 401(k) industry.
MFMN: What did the bundled 401(k) do for the industry?