Hewitt Associates has formed a defined contribution consulting practice to address the full spectrum of concerns of 401(k) plan sponsors, including: plan design, cost and risk management, investment consulting, behavioral finance, administration, communication and legal and compliance consulting.
“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,” she said.
The leader of the new practice will be Alison Boreland, an expert on retirement income. Before accepting this new role, Boreland was a principal and senior benefits consultant in Hewitt’s retirement and financial management business.