I was going to transfer my 401k from fidelity to Schwab until the guy on the phone at Fidelity mentioned about their zero fee and expenses mutual funds. My plan is to stay in the 500 index fund

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Found out the catch: they pay out the dividend annually vs quarterly.

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For the long term. Fidelity zero funds sounds like a rational choice because of the compounding effect on the fees saved.
Am I on the right thought process?

Schwab has similar no fee funds as well

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What is the fund called?

Here

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They usually have a lettered reference code. Like 'FSPFX'for example.

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