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FIDELITY REMOVES IRA FEES ON MANY ACCOUNTS

 BOSTON, Dec. 22 /PRNewswire/ -- To capitalize on the growth in retirement investing, Fidelity Investments today announced another in a series of price changes for retirement investors. Effective Jan. 1, the company will lift the annual maintenance fee on Fidelity mutual fund Individual Retirement Accounts (IRAs) with a minimum balance of $5,000 or more. The fee waiver also covers Fidelity Brokerage IRAs containing a mutual fund position of $5,000 or more in a Fidelity mutual fund.
 "We are determined to be the retirement provider of choice for the millions of Americans who are consolidating and aggressively building their retirement savings," said Roger Servison, president of Fidelity Investments Retail Marketing Co. Just two months ago, Fidelity announced the waiver of sales loads on most of its equity funds when purchased for retirement accounts.
 "Our new no-fee, no-load IRA also positions the company as an attractive choice for individuals facing Rollover decisions under a new law effective the first day of 1993," Servison said. Under the new law, employees who receive a distribution from their company retirement plan must roll their savings over directly to a new retirement plan in order to avoid withholding of income tax.
 Servison said the latest price change kicks off the traditional IRA funding season, which runs from January through April. "The no- fee offer is really just the icing on the cake," he said. "Fidelity already provides the most extensive array of investment choices and retirement services of any of our competitors."
 Fidelity's annual maintenance fee for mutual fund IRA accounts with a balance of less than $5,000 is still $10 per mutual fund account. The annual maintenance fee for Brokerage IRAs that do not qualify for the waiver is $20.
 Since 1989 Fidelity's total assets under management in retirement accounts have more than doubled. The company expects 1992's IRA business to be the best since 1987, the last year fully deductible IRAs were available. The firm currently manages more than $72 billion in retirement assets for individual investors in retirement accounts, including 401(k), 403(b), IRA and Keogh accounts.
 -0- 12/22/92
 /CONTACT: Public Relations Department of Fidelity Investments, 617-570-5900/


CO: Fidelity Investments ST: Massachusetts IN: FIN SU:

MS-JB -- LA004 -- 9113 12/22/92 11:30 EST
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Publication:PR Newswire
Date:Dec 22, 1992
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