Benefits August 11, 2005

HR Consultant To Cut Its Own Benefits

August 11, 2005 (PLANSPONSOR.com) - Hewitt Associates, an HR consultant, has announced changes to its own employee benefits intended to save the company $45 million annually.
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BenefitNews Connect reports that the company plans to raise health insurance premiums for its employees and terminate its global profit sharing plan. To offset the loss of retirement benefits, the company will increase the company match in its 401(k) plan from 2% to 4% for US employees starting January 1.

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Hewitt will also stop fully subsidizing employee lunch and offer a partial subsidy instead, according to BenefitNews Connect.

A company spokesperson told the news source that Hewitt plans to use the $45 million saved on benefits to expand its consulting and outsourcing businesses.

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