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.
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).