Hewitt Signs on to WMSI IRA Rollover Service

Hewitt Associates has expanded its 401(k) services through a relationship with Wealth Management Systems Inc. (WMSI) and WMSI’s rollover resource.

A Hewitt news release said that with the WMSI rollover service, Hewitt will provide employees with access to individual retirement account (IRA) providers, facilitate the opening of their IRA, and smooth the transition of assets.

“Working with WMSI, our new rollover capabilities will not only give employees enhanced access to a wide variety of IRA plans but will also provide a seamless user experience for employees of our retirement outsourcing clients,” said Jay Rising, president of Hewitt’s HR Outsourcing business.

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The press release notes that employees can now deposit assets directly into their new IRA, avoiding the sometimes lengthy process of waiting for distribution checks to arrive in the mail – reducing the time it takes to complete a rollover decreases from weeks to days with this automated and improved process.

Hewitt has traditionally proffered supplemental products as part of its outsourcing offer, including Leave of Absence Administration (LOA), Participant Advocacy, Your Spending Account (YSA)—Hewitt’s flexible spending account solution—and many others. In the coming year, according to the press release, Hewitt plans to expand these services and unveil several technologically enhanced products, including a full suite of reimbursement account capabilities for YSA, such as tuition reimbursement and transportation spending accounts, and a new self-service center for processing Qualified Domestic Relations Orders (QDRO) and Qualified Medical Child Support Orders (QMCSO).

Milliman Updates Financial Projection Software

Milliman, Inc. has released the newest version of its MG-ALFA financial projection software.

MG-ALFA is financial projection software developed and supported by Milliman and used by life insurance and financial firms worldwide to perform financial projections. MG-ALFA supports a range of assets and liabilities and delivers functionality for a spectrum of actuarial modeling needs, from pricing and ALM projections to stochastic and nested stochastic analysis.

Major Enhancements

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According to a press release, the major enhancements include:

  • Multiple performance improvements and options reducing runtimes by 15% to 65%
  • ALM capacity increase of 100%
  • Integration with Microsoft’s Windows Compute Cluster Server (WCCS)
  • Introduction of the new .Net interface for formula editing
  • Dashboard reporting option for stochastic pricing of variable annuity guaranteed benefits

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