Dedicated Unit to Provide Companies With Full Spectrum of Defined Contribution Plan Consulting Services and Solutions
In response to growing demand from companies looking for advice on how to more effectively design, manage and deliver competitive defined contribution plans, Hewitt Associates, a global human resources services company, today announced it has formally established a U.S. Defined Contribution (DC) Consulting practice.
The newly-formed practice will be composed of a group of experts specifically dedicated to providing companies with a full spectrum of defined contribution services and solutions, including strategy and plan design, cost and risk management, investment consulting, behavioral finance, administration, communication, and legal and compliance consulting. They will also be responsible for further developing Hewitt’s existing DC consulting resources in the U.S., leveraging the research and data on millions of 401(k) participants administered by Hewitt, and helping clients to look at defined contribution plans in the context of their broader benefit strategies.
In addition, the DC Consulting practice will be available to support Hewitt’s Retirement Outsourcing clients to provide companies with a full range of end-to-end retirement consulting and outsourcing solutions — from strategy and design through administration and measurement — that enable them to manage their retirement plans more effectively and efficiently.
“As employees are encouraged to take more responsibility for their health and financial futures, defined contribution plans will continue to play an increasingly important role,” said Mary Moreland, leader of Hewitt’s Retirement and Financial Management business in North America. “These plans are critical attraction and retention tools, and employers realize they need to be designed in a way that can help employees maximize their potential for saving and investing for retirement. By formally combining Hewitt’s existing defined contribution consulting expertise and extensive data on participant behavior into one practice area, we will more effectively help companies design and develop competitive and compelling defined contribution programs that meet the needs of employees while maximizing companies’ return on investment.”
Hewitt’s U.S. Defined Contribution Consulting practice will be led by Alison Borland, who has spent more than a decade helping organizations navigate the challenges and risks associated with retirement income and postretirement welfare programs, with a focus on defined benefit and defined contribution strategy and design. Prior to being appointed to her new role, Ms. Borland was a principal and senior benefits consultant in Hewitt’s Retirement and Financial Management business. Ms. Borland is a Fellow of the Society of Actuaries and an Enrolled Actuary.
About Hewitt Associates
With more than 65 years of experience, Hewitt Associates (NYSE: HEW) is the world’s foremost provider of human resources outsourcing and consulting services. The company consults with more than 2,300 organizations and administers human resources, health care, payroll and retirement programs on behalf of more than 340 companies to millions of employees and retirees worldwide. Located in 35 countries, Hewitt employs approximately 24,000 associates. For more information, please visit www.hewitt.com.