The Hewitt Aon 401(k) guide is a comprehensive resource designed to help employees navigate the complexities of their retirement savings plan. Hewitt Associates, now a part of Aon, is a leading global human resources consulting and outsourcing firm that provides a wide range of services, including retirement planning and administration. In this guide, we will delve into the specifics of the Hewitt Aon 401(k) plan, including its features, benefits, and management options.
Introduction to the Hewitt Aon 401(k) Plan
The Hewitt Aon 401(k) plan is a type of defined contribution retirement plan that allows employees to contribute a portion of their salary to a tax-deferred retirement account. The plan is sponsored by the employer and administered by Aon Hewitt, which provides a range of services, including plan design, implementation, and management. The plan’s primary goal is to help employees save for retirement and achieve their long-term financial goals.
Key Features of the Hewitt Aon 401(k) Plan
The Hewitt Aon 401(k) plan offers a range of features that make it an attractive option for employees looking to save for retirement. Some of the key features of the plan include:
- Employer matching contributions: Many employers offer matching contributions to encourage employees to contribute to the plan. For example, an employer may match 50% of an employee’s contributions up to 6% of their salary.
- Investment options: The plan offers a range of investment options, including stocks, bonds, and mutual funds, to help employees diversify their portfolios and achieve their investment goals.
- Loan provisions: The plan allows employees to take loans from their accounts, which can be used for a variety of purposes, such as buying a home or paying for education expenses.
- Vesting schedules: The plan may have a vesting schedule, which determines when employees own the employer contributions to their accounts.
Managing Your Hewitt Aon 401(k) Account
Managing your Hewitt Aon 401(k) account is relatively straightforward. Employees can access their accounts online or through a mobile app, where they can view their account balances, investment options, and loan information. Employees can also use the online platform to make changes to their investment options, contribution rates, and beneficiary designations.
| Feature | Description |
|---|---|
| Account access | Online and mobile app access to account information |
| Investment options | Range of investment options, including stocks, bonds, and mutual funds |
| Loan provisions | Ability to take loans from account for various purposes |
| Vesting schedules | Determines when employees own employer contributions to their accounts |
Investment Options and Performance
The Hewitt Aon 401(k) plan offers a range of investment options, including stocks, bonds, and mutual funds. The plan’s investment menu is designed to provide employees with a diverse range of options to help them achieve their investment goals. The plan’s investment options are managed by experienced investment managers who aim to provide competitive returns while minimizing risk.
Investment Performance Analysis
The performance of the Hewitt Aon 401(k) plan’s investment options is regularly monitored and analyzed by Aon Hewitt’s investment team. The team uses a range of metrics, including returns, volatility, and fees, to evaluate the performance of each investment option. Employees can access the plan’s investment performance information online or through the mobile app, where they can view the performance of each investment option and make informed decisions about their investments.
| Investment Option | 1-Year Return | 3-Year Return | 5-Year Return |
|---|---|---|---|
| Stock Fund | 10.2% | 8.5% | 7.1% |
| Bond Fund | 4.5% | 3.8% | 3.2% |
| Mutual Fund | 9.1% | 7.3% | 6.5% |
What is the Hewitt Aon 401(k) plan, and how does it work?
+The Hewitt Aon 401(k) plan is a type of defined contribution retirement plan that allows employees to contribute a portion of their salary to a tax-deferred retirement account. The plan is sponsored by the employer and administered by Aon Hewitt, which provides a range of services, including plan design, implementation, and management.
How do I access my Hewitt Aon 401(k) account information?
+You can access your Hewitt Aon 401(k) account information online or through the mobile app, where you can view your account balances, investment options, and loan information.
What investment options are available in the Hewitt Aon 401(k) plan?
+The Hewitt Aon 401(k) plan offers a range of investment options, including stocks, bonds, and mutual funds, to help employees diversify their portfolios and achieve their investment goals.
