Hewitt Associates Augments 401(K) Services With Rollover Resource

Lincolnshire, IL - Hewitt Associates, a global human resources services company, announced recently the expansion of its 401(k) services through its relationship with Wealth Management Systems Inc. (WMSI). The improved technology WMSI's rollover resource brings to Hewitt's clients marks the first of several products to be rolled out in the coming months that complement Hewitt's extensive suite of HR solutions for large and middle market companies.

As employees change jobs more frequently and baby boomers retire, more employees are rolling over their 401(k) balance and pension lump sums; most do so into Individual Retirement Accounts (IRAs). By implementing WMSI technology, Hewitt will provide employees with direct access to several leading IRA providers, facilitate the opening of their IRA and smooth the transition of assets. Employees can now deposit assets directly into their new IRA, avoiding the sometimes lengthy process of waiting for distribution checks to arrive in the mail. The time it takes to complete a rollover decreases from weeks to days with this automated and improved process, allowing retirees and former employees to continue saving for retirement without any disruption to their saving cycle.

Hewitt has traditionally proffered supplemental products as part of its outsourcing offer, including Leave of Absence Administration (LOA), Participant Advocacy, Your Spending Account (YSA)—Hewitt's flexible spending account solution—and many others. In the coming year, Hewitt plans to expand these services and unveil several technologically enhanced products, including a full suite of reimbursement account capabilities for YSA, such as tuition reimbursement and transportation spending accounts, and a new self-service center for processing Qualified Domestic Relations Orders (QDRO) and Qualified Medical Child Support Orders (QMCSO). These resources free up employees' time by helping them easily navigate many of their most complicated human resource challenges.

"Working with WMSI, our new rollover capabilities will not only give employees enhanced access to a wide variety of IRA plans but will also provide a seamless user experience for employees of our retirement outsourcing clients," said Jay Rising, president of Hewitt's HR Outsourcing business. "This new service is just the first of many new offers we plan to roll out in the next year leveraging Hewitt's deep HR expertise. We look forward to using our experience and knowledge to serve the full range of our clients' HR needs."

SOURCE: Hewitt Associates