More employers are outsourcing the administration of their pension plans, and they are overwhelmingly happy with the job being done by their service provider.
That's the word from Aon Hewitt's latest benefits administration survey. Aon polled 361 employers, asking them a series of questions about how they administer their pension schemes. While a year ago 69 percent said they had outsourced pension plan administration, this year, 75 percent were doing do.
And no wonder the number is rising. Plans are becoming more complex as new laws take effect, and many companies just don't have the resources on staff to easily manage the plans. Additionally, the outsourcing agencies are doing a great job — 79 percent of respondents rated their service providers as either good or excellent.
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
