As part of the agreement, Hewitt will assume responsibility for National City’s 401(k) recordkeeping staff and functions in Kalamazoo, Michigan, which currently provide those services to 130,000 employees at more than 300 client organizations. National City will continue to directly provide these clients with employee education, sponsor communication, investment reviews, plan design and trustee services.
Hewitt characterized the move as an entry into a new market, expanding its defined contribution outsourcing business.
Effective January 1, the transition of service from National City to Hewitt will not require a conversion process, making the change virtually invisible for National City clients and their employees, according to the firms.
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