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What are some Hewitt retirement plans?

A:

Quick Answer

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.

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Full Answer

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.

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