Defined contribution plans are the cornerstone of most current retirement benefit packages and are critical part of employees' retirement security. These plans are complex and demand a high level of specialized knowledge, legal expertise, and technical accuracy.
Employers face an evolving and increasingly aggressive compliance environment. Legislatures and regulators are challenging the transparency and fairness of fees and the investment choices provided to participants. Litigation involving plan sponsors and their fiduciary obligations to protect participants' interests has increased dramatically. And, uncertainty over the financial security of an aging workforce is causing broad concern. Hewitt can help.
Hewitt is a leading independent retirement plan provider for large companies committed to their employees' retirement success. We help plan sponsors maximize participant retirement outcomes, minimize fiduciary risk, and control total plan costs. And, with our unbiased position, Hewitt is best suited to help your participants make informed choices and wise decisions about their retirement.
We deliver the full spectrum of retirement benefit & outsourcing solutions to meet your needs today and in the future. Our solution covers:
- Qualified and nonqualified strategy and plan design
- Communications
- Investment Monitoring and Consulting
- Compliance
- Recordkeeping
Most important, you get a solution that offers:
- Independence – We deliver independent, objective plan guidance & oversight for plan sponsors and participants, so you can achieve optimal total plan cost with superior investment options, develop retirement programs that support overall business and HR goals, and reduce fiduciary risk
- Consulting Expertise – Our consultative approach provides you with the maximum return on your benefit dollar by helping you make faster and more effective decisions, increase employee retirement awareness, and reducing internal resource drain.
- Large Plan Knowledge – We are experts in serving the retirement plan needs of large organizations. Our knowledge and size reduce compliance risk, offer you peace of mind, and provide continually improving sponsor and participant tools.
- Industry Leading Research – Our proprietary research & industry leadership drives plan results & participant retirement readiness so you get superior cost and behavioral predictions, improved data-based decisions, and stay up to date on legislative changes impacting your retirement plans.
- Superior Service Delivery – Hewitt's people, process and systems ensure the optimum quality & governance for your retirement program. You don't have to worry about outgrowing our technology and our service team's holistic view of your retirement plans allows us to become an extension of the HR department and address potential service problems. Our state of the art call center support and advanced website promote your brand and strategies.
The bottom line is we help your employees achieve retirement success in an uncertain world.
To learn more about Hewitt's defined contribution administration services and how your company can benefit, contact your local Hewitt consultant or email peoplesolutions@hewitt.com.
Value-Added Services From the Leading Authority
Our proprietary research is the industry standard for helping employers and employees maximize the value of their DC plans. The Hewitt 401(k) Index™, for example, summarizes monthly 401(k) transfer activity for nearly 20 million participants, giving employers deep insight into employee behavior patterns.
To help clients identify and address barriers to plan participation and maximize value, our proven DC Impact™ process combines the latest research and behavior-based techniques into a tailored package of solutions spanning plan design, employee communication, and education.
DC Impact's sophisticated data segmentation gives plan sponsors the power to assess and respond to employee investment behavior in real time—from employee contribution amounts to how often they transfer money between plans.
Cutting-Edge Online Resources for Employees
The Hewitt Personal Finance Center gives employees access to additional planning tools for retirement planning.
Hewitt Self-Directed Brokerage Accounts empower your employees to take greater control over their investment decisions.
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.
