LINCOLNSHIRE, Ill., June 20, 2012 /PRNewswire/ -- Aon Hewitt, the global human resource solutions business of Aon plc (NYSE: AON), has been selected to provide defined contribution administration, participant advisory and recordkeeping services for the California Department of Personnel Administration Savings Plus Program 401(k), 401(a) and 457(b) plans available to most State of California employees.
Effective Jan. 1, 2013, Aon Hewitt will manage retirement plan administration, customer service and employee communication services for approximately 300,000 participants, with combined assets of $8 billion in their defined contribution plans. Aon Hewitt's proposal will result in lower fees for members. The Savings Plus Program also will be introducing advisory services, which are designed to help participants achieve their retirement goals by providing access to savings, investing and retirement income planning advice. Independent investment advisor Financial Engines will serve as sub-advisor to Aon Hewitt Financial Advisors, LLC, an Aon Hewitt subsidiary, which will be the provider of investment advisory services.
"We look forward to partnering with the State of California to provide their plan participants with outstanding service, an intuitive, leading-edge user experience and the solutions they need to manage their retirement plan savings to improve future financial security," said Alison Borland, vice president of Retirement Strategy and Product Development at Aon Hewitt. "The Department of Personnel Administration's robust and thorough search process that resulted in the selection of Aon Hewitt furthers our commitment and growth objectives within the public sector."
"Our primary objective is to help California state employees prepare for their financial future. Our defined contribution plans provide employees with the vehicle to achieve their retirement goals," added Michelle Berklacich, Savings Plus Program Administrator. "Partnering with Aon Hewitt allows us to enhance the participant experience using cutting edge technology and interactive tools to meet the needs of all state employees."
The vendor evaluation was coordinated by R.V. Kuhns & Associates, a firm that provides strategic consulting services to institutional investors.
About Aon Hewitt
Aon Hewitt is the global leader in human resource solutions. The company partners with organizations to solve their most complex benefits, talent and related financial challenges, and improve business performance. Aon Hewitt designs, implements, communicates and administers a wide range of human capital, retirement, investment management, health care, compensation and talent management strategies. With more than 29,000 professionals in 90 countries, Aon Hewitt makes the world a better place to work for clients and their employees. For more information on Aon Hewitt, please visit www.aonhewitt.com.
Aon plc (NYSE: AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 61,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world's best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.
SOURCE Aon plc