Aon Hewitt DC is a defined contribution pension plan consulting and administration service provided by Aon Hewitt, a leading global professional services firm. The service is designed to help employers manage their defined contribution pension plans, which are a type of retirement plan where the employer contributes a fixed amount to an individual account for each employee. Aon Hewitt DC provides a range of services, including plan design, investment management, and employee communication, to help employers create an effective and engaging retirement plan for their employees.
History and Development of Aon Hewitt DC
Aon Hewitt was formed in 2010, when Aon Corporation acquired Hewitt Associates, a leading human resources consulting and outsourcing firm. Aon Hewitt DC is a key part of the firm’s retirement consulting and administration services, which are designed to help employers manage their retirement plans and provide their employees with a secure and sustainable retirement income. Over the years, Aon Hewitt DC has evolved to meet the changing needs of employers and employees, with a focus on providing innovative and effective solutions to help individuals achieve their retirement goals.
Key Features of Aon Hewitt DC
Aon Hewitt DC offers a range of features and services, including:
- Plan design and implementation: Aon Hewitt DC helps employers design and implement a defined contribution pension plan that meets their specific needs and goals.
- Investment management: Aon Hewitt DC provides investment management services, including fund selection and monitoring, to help employers create a diversified and effective investment portfolio for their plan.
- Employee communication and education: Aon Hewitt DC provides employee communication and education services, including workshops, webinars, and online resources, to help employees understand and engage with their retirement plan.
- Plan administration: Aon Hewitt DC provides plan administration services, including record-keeping, compliance, and reporting, to help employers manage their retirement plan effectively and efficiently.
| Service | Description |
|---|---|
| Plan design and implementation | Design and implementation of a defined contribution pension plan |
| Investment management | Selection and monitoring of investment funds for the plan |
| Employee communication and education | Workshops, webinars, and online resources to educate employees about the plan |
| Plan administration | Record-keeping, compliance, and reporting for the plan |
Benefits of Aon Hewitt DC
Aon Hewitt DC offers a range of benefits to employers and employees, including:
Aon Hewitt DC helps employers create an effective and engaging retirement plan that meets the needs of their employees, while also providing a range of tools and resources to help employees achieve their retirement goals. The service also provides employers with a comprehensive and integrated approach to retirement plan management, which can help reduce costs and improve efficiency.
Technical Specifications
Aon Hewitt DC is a web-based service that uses a range of technical tools and systems to provide its services, including:
- Plan administration software: Aon Hewitt DC uses specialized software to manage and administer defined contribution pension plans, including record-keeping, compliance, and reporting.
- Investment management systems: Aon Hewitt DC uses advanced investment management systems to select and monitor investment funds for the plan, and to provide employers with a range of investment options.
- Employee communication and education tools: Aon Hewitt DC uses a range of tools and resources, including workshops, webinars, and online resources, to educate employees about the plan and help them achieve their retirement goals.
Aon Hewitt DC also uses a range of data analytics tools to provide employers with insights and information about their retirement plan, including plan participation rates, investment returns, and employee engagement. This information can help employers make informed decisions about their retirement plan and identify areas for improvement.
What is a defined contribution pension plan?
+A defined contribution pension plan is a type of retirement plan where the employer contributes a fixed amount to an individual account for each employee. The employee is responsible for investing the contributions and bears the investment risk.
How does Aon Hewitt DC help employers manage their retirement plan?
+Aon Hewitt DC provides a range of services, including plan design and implementation, investment management, employee communication and education, and plan administration, to help employers manage their retirement plan effectively and efficiently.
What are the benefits of using Aon Hewitt DC?
+The benefits of using Aon Hewitt DC include a comprehensive and integrated approach to retirement plan management, a range of tools and resources to help employees achieve their retirement goals, and a reduction in costs and improvement in efficiency for employers.
