Aon Hewitt offers administrative services for both defined-benefit plans and defined-contribution plans. Services for the defined-benefit plans include assistance with calculating pension benefits, determining eligibility, rollover and lump-sum processing as well as payroll integration, notes Aon Hewitt.
Aon Hewitt provides strategy and plan design assistance, investment consulting and monitoring, compliance as well as advisory services in relation to defined-contribution plans. The success rate of these plans depends on employee decisions regarding savings, investing and withdrawal timings, per Aon Hewitt.
A defined-benefit plan refers to sorting employee benefits based on their salary and employment duration. Employers put aside a set amount of money for an employee's retirement savings in defined-contribution plans, according to Investopedia.