Watson Wyatt will transition approximately 120 U.S. public sector retirement clients, representing approximately $6 million in annual revenue, to Southfield, Michigan-based GRS over the next few months. Additionally, some of Watson Wyatt’s consultants that specialize in public plan retirement work will be moving over to GRS to help ensure a smooth transition, according to the firm.
Watson Wyatt will continue to provide retirement services to particular types of public sector plans, including:
- federal government entities
- businesses managed by municipalities, cities or states (such as hospitals, utilities, airports)
- Native American tribes or nations.
Going forward, Watson Wyatt says it will focus primarily on providing retirement services to private sector companies and multiemployer clients, as well as serving current and future public sector clients through other core lines of business.
Under the alliance agreement, which is effective August 31, Watson Wyatt and GRS expect to mutually refer business opportunities and explore joint consulting assignments.