Defined Benefit Plan Administration
Most employers—prompted by increasing plan complexity, growing employee expectations, and shifting demographics—outsource the administration of their defined benefit (DB) plans, the foundation of retirement income for millions. Today, Aon Hewitt supports more than 1,600 DB plans across than 350 plan sponsors covering more than 9 million participants. In 2010, PLANSPONSOR magazine ranked Aon Hewitt as the top provider of DB administration, including the largest number of total DB plans, largest number of DB participants, most DB participants added, and largest number of nonqualified DB plans.
Complete Range of Services for Reduced Risk and Costs
With more than 30 years in the DB administration business, Aon Hewitt is the premier provider of outsourced defined benefit administration services in the United States, and has a significant presence in Canada. Our industry-leading technology, HR expertise, and focus on quality and automation translate into reduced risk and legal costs while promoting a superior experience for participants. What's more, our proven processes streamline administration and help you implement or react to organizational change with minimal employee disruption.
Our defined benefit administration services include:
- Automated pension benefit calculation
- Management of participant data
- Eligibility determination and tracking
- Customer service
- Online, self-service capabilities, including estimates and retirement
- Rollover and lump sum processing
- Integration with payroll
Cutting-Edge Online Resources for Employers
Our web-based planning and management resources ensure smooth and accurate DB plan administration:
In situations where the company would like to retain administration but use our calculation tools, our Pension Administration System lets plan administrators easily and accurately perform retirement calculations and benefit estimates online.
- Our Plan Sponsor Portal is an online space where our teams work with you to develop goals, manage projects and measure progress.
Cutting-Edge Online Resources for Employees
Employees benefit from using our robust participant web site to make more informed benefit decisions. Guidance is included to help participants through the entire retirement event, including all benefits and relevant external considerations. Meanwhile, the Aon Hewitt Personal Finance Center, currently available in the U.S., gives employees access to additional planning tools for retirement.