Hewitt is a premier global provider of outsourced defined benefit administration services in the United States.
More and more employers—prompted by increasing plan complexity, growing employee expectations, and shifting demographics—are outsourcing the administration of their defined benefit (DB) plans, the foundation of retirement income for millions.
Complete Range of Services for Reduced Risk and Costs
Our industry-leading technology, HR expertise, and focus on quality translate into reduced risk and legal costs. What's more, our proven processes streamline administration and help you implement or react to organizational change with minimal employee disruption.
Our defined benefit administration services include:
- Automated pension benefit calculation
- Management of participant data
- Eligibility determination and tracking
- Customer service
- Online, self-service capabilities including estimates and retirement
- Rollover and lump sum processing
- Integration with payroll
- Compliance
- Check delivery
The majority of our DB outsourcing clients also rely on our actuarial services.
Cutting-Edge Online Resources for Employers
Like our total plan management services, our Web-based planning and management resources ensure smooth and accurate DB plan administration:
- In situations where the company would like to retain administration but use our calculation tools, DBCalc™ lets plan administrators easily and accurately perform retirement calculations and benefit estimates online.
- Our Plan Sponsor Sight is an online space where our teams work with you to develop goals, manage projects, and measure progress.
Cutting-Edge Online Resources for Employees
Your Benefits Resources™ is your Web-based pathway to assist your benefits-savvy employees.
The Hewitt Personal Finance Center gives employees access to additional planning tools for retirement planning.
Please contact us to learn how our outsourcing solutions can put you in control of your benefit programs.
An unbiased and consistent review of retirement-related claims is required by U.S. law.
All employee benefit plans with more than 100 participants must submit a financial statement and audit report along with the annual Form 5500—or face penalties that easily run $100,000 or more for each plan. Compiling the information needed is highly technical, specialized, and extremely time consuming.
Most organizations that offer employee retirement and welfare benefit plans are required to file a Form 5500 each year—a time-consuming, highly specialized task that internal HR staff often lacks the time or expertise to complete. And penalties can be steep—$1,100 each day a filing is late.
It's an unfortunate fact that divorce impacts a company's workforce on many fronts. A streamlined process increases compliance, minimizes legal risks, and reduces your administrative burden.
