Aon 401(k) Hewitt is a leading provider of retirement plan services, offering a comprehensive range of solutions to help employers and employees achieve their retirement goals. With a rich history dating back to 1940, Aon Hewitt has evolved to become one of the largest and most respected retirement plan administrators in the world. In this overview, we will delve into the details of Aon 401(k) Hewitt, exploring its history, services, and features that make it an attractive option for employers and employees alike.
History of Aon Hewitt
Aon Hewitt has its roots in the consulting firm of William M. Mercer, which was founded in 1940. Over the years, the company underwent several mergers and acquisitions, eventually becoming a part of Aon Corporation in 2000. In 2010, Aon acquired Hewitt Associates, a leading provider of human resources and retirement plan services, and merged it with its existing consulting business to form Aon Hewitt. Today, Aon Hewitt is a subsidiary of Aon plc, a global professional services firm providing a range of risk, retirement, and health solutions.
Aon 401(k) Hewitt Services
Aon 401(k) Hewitt offers a comprehensive range of services designed to help employers and employees achieve their retirement goals. Some of the key services include:
- Retirement Plan Administration: Aon Hewitt provides administrative services for 401(k) and other defined contribution plans, including plan design, implementation, and ongoing administration.
- Investment Management: Aon Hewitt offers investment management services, including portfolio construction, investment selection, and ongoing monitoring.
- Employee Education and Communication: Aon Hewitt provides employee education and communication services, including workshops, webinars, and online resources to help employees make informed decisions about their retirement savings.
- Plan Design and Consulting: Aon Hewitt’s team of experts provides plan design and consulting services to help employers optimize their retirement plans and achieve their goals.
In addition to these services, Aon 401(k) Hewitt also offers a range of fiduciary services, including 3(16) and 3(21) fiduciary services, to help employers manage their fiduciary responsibilities and reduce their liability.
Aon 401(k) Hewitt Features
Aon 401(k) Hewitt offers a range of features that make it an attractive option for employers and employees. Some of the key features include:
| Feature | Description |
|---|---|
| Online Portal | Aon Hewitt’s online portal provides employees with 24⁄7 access to their retirement accounts, allowing them to view their balances, make changes to their investments, and access educational resources. |
| Mobile App | Aon Hewitt’s mobile app allows employees to access their retirement accounts on-the-go, providing a convenient and user-friendly way to manage their retirement savings. |
| Investment Options | Aon Hewitt offers a range of investment options, including low-cost index funds, actively managed funds, and target date funds, to help employees achieve their retirement goals. |
| Financial Wellness Programs | Aon Hewitt’s financial wellness programs provide employees with access to financial education, tools, and resources to help them achieve financial stability and security. |
These features, combined with Aon 401(k) Hewitt's comprehensive range of services, make it an attractive option for employers and employees looking to achieve their retirement goals.
Aon 401(k) Hewitt Performance Analysis
Aon 401(k) Hewitt’s performance is measured by its ability to help employers and employees achieve their retirement goals. Some of the key metrics used to evaluate Aon 401(k) Hewitt’s performance include:
- Participant Satisfaction: Aon Hewitt measures participant satisfaction through surveys and feedback, ensuring that employees are satisfied with the services and features provided.
- Plan Health: Aon Hewitt evaluates plan health by measuring metrics such as participation rates, contribution rates, and investment diversification.
- Investment Performance: Aon Hewitt monitors investment performance, ensuring that the investment options provided are performing in line with expectations and helping employees achieve their retirement goals.
By evaluating these metrics, Aon 401(k) Hewitt is able to refine its services and features, ensuring that it continues to provide high-quality solutions to employers and employees.
What is the minimum number of participants required for Aon 401(k) Hewitt to administer a retirement plan?
+Aon 401(k) Hewitt does not have a minimum number of participants required to administer a retirement plan. However, the company typically works with plans that have at least 100 participants.
What types of investment options does Aon 401(k) Hewitt offer?
+Aon 401(k) Hewitt offers a range of investment options, including low-cost index funds, actively managed funds, and target date funds. The company also provides access to a brokerage window, allowing participants to invest in a wide range of securities.
Does Aon 401(k) Hewitt offer fiduciary services?
+Yes, Aon 401(k) Hewitt offers fiduciary services, including 3(16) and 3(21) fiduciary services, to help employers manage their fiduciary responsibilities and reduce their liability.
In conclusion, Aon 401(k) Hewitt is a leading provider of retirement plan services, offering a comprehensive range of solutions to help employers and employees achieve their retirement goals. With its rich history, comprehensive range of services, and attractive features, Aon 401(k) Hewitt is an excellent option for those looking to achieve financial stability and security in retirement.
