According to a company press release, the new offering features consulting and administration services, supported by retirement education and planning.
The announcement said that Retirement3 services include:
- Defined contribution plan recordkeeping, administration and compliance assistance
- Investment management, trust and custodial services
- Financial planning and education services
- Plan sponsor retirement readiness diagnostic, along with annual employee “on track” statements
- Defined benefit plan administration and compliance
- Actuarial valuation services and retirement consulting services
- Retirement and total compensation statements
- Total human resource outsourcing services
- Web portal with access to retirement benefits package information
The new solution will use BluePrint Design, which helps sponsors know if their plan is working and what areas of the plan need improvement. On Track Retirement Education is an education tool for participants to help them know if they are on track for their retirement goals and what to do to reach their goals, the news release said.
“Managing both defined benefit and defined contribution programs can be a challenge for companies and their employees. Dealing with multiple vendors often adds to an employer’s administrative headaches and increases costs,” Ward Armstrong, president of Ameriprise Retirement Services, said in the news release.
“Retirement3 helps an organization’s employees be financially prepared for retirement by helping them better understand and appreciate the power and value of their employer-provided retirement benefits. As a result, employers can measure the success of their retirement plans against desired goals, mitigate their risk of fiduciary liability and can realize reduced HR-related costs through increased employee satisfaction, productivity and retention,” said Roger Vaughn, president of AON Consulting.
The AON Consulting/Ameriprise Retirement Services announcement is the latest in a series of corporate consolidations in the HR outsourcing/retirement services arena. For example, in May, Mellon Financial Corporation announced the sale of its HR consulting and outsourcing business to Dallas-based Affiiliated Computer Services Inc. (See HR Outsourcing Consolidation Continues with ACS-Mellon Deal ).