|Leaders in defined benefit, defined contribution plans and financial education bring employers integrated retirement plan and education services
Today, Ameriprise Retirement Services (formerly American Express Retirement Services) and Aon Consulting announced a strategic alliance to provide end-to-end defined benefit, defined contribution and retirement education and planning services. Combining their complementary strengths, Ameriprise Retirement Services and Aon Consulting have launched an integrated, all-in-one solution for managing retirement plan outsourcing, called Retirement3 -- Retirement Through the Power of Three: Defined benefit actuarial, consulting and administration services integrated with defined contribution consulting and administration services, supported by retirement education and planning services.
Designed to help employers make their retirement benefits program more valuable to employees and more efficient to manage, Retirement3 helps employees become financially prepared for retirement by providing a suite of personalized services that help them better understand and appreciate the power and value of their employer-provided retirement benefits. Retirement3 services(a) include:
- Defined contribution plan recordkeeping, administration and compliance assistance
- Investment management, trust and custodial services
- Financial planning and education services
- Plan sponsor retirement readiness diagnostic, along with annual employee "on track" statements
- Defined benefit plan administration and compliance
- Actuarial valuation services and retirement consulting services
- Retirement and total compensation statements
- Total human resource outsourcing services
- Web portal with access to retirement benefits package information
Retirement3 makes available two unique tools in the retirement services marketplace to help plan sponsors and participants define and measure success: BluePrint Design(SM)(b) and On Track Retirement Education(SM)(c). These combined products provide financial education for employers and individuals, both for defined benefit and defined contribution plans. Organizations benefit by knowing their plan is working - or knowing what areas need improvement - through the BluePrint Design process. Individual participants benefit by receiving personalized data through On Track Retirement Education to help them determine if they are "on track" for retirement - and what they need to do to get there.
Ward Armstrong, president of Ameriprise Retirement Services, stated, "Managing both defined benefit and defined contribution programs can be a challenge for companies and their employees. Dealing with multiple vendors often adds to an employer's administrative headaches and increases costs. Many workers also find it difficult to understand fully the nature and value of their benefit opportunities as they try to manage information from numerous sources, not to mention knowing if they are on track toward a secure retirement. An integrated solution customized to meet the unique needs and challenges faced by each company and its employees is the commonsense approach--and is what we had in mind in developing Retirement3."
Roger Vaughn, president of Aon Consulting, said, "We're delighted to be partnering with Ameriprise Retirement Services to offer Retirement3. Helping employees save for retirement, both from the participant and plan sponsor perspective, has never been more challenging. Retirement3 helps an organization's employees be financially prepared for retirement by helping them better understand and appreciate the power and value of their employer-provided retirement benefits. As a result, employers can measure the success of their retirement plans against desired goals, mitigate their risk of fiduciary liability and can realize reduced HR-related costs through increased employee satisfaction, productivity and retention."
Aon Corporation is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. There are 47,000 employees working in Aon's 500 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions.
Aon Consulting is among the top global human resources consulting firms, with 2004 revenues of $1.247 billion and 7,000 professionals in 120 offices throughout the world. Aon Consulting delivers integrated consulting solutions to help clients with employee benefits, human resources outsourcing, compensation, communication and management consulting.
About Ameriprise Retirement Services
Ameriprise Retirement Services, a service group of Ameriprise Financial Services, Inc., provides corporations, unions and municipalities, and more than 800,000 workers nationwide with a complete package of financial education, recordkeeping, investments and trustee services for their qualified retirement plans, as well as workplace financial education programs through Ameriprise Financial and Ameriprise Trust Company.
Ameriprise Financial is one of the nation's leading financial planning, asset management and insurance companies. Through its nationwide network of more than 10,500 financial advisors, Ameriprise Financial delivers solutions to clients through a comprehensive and personalized financial planning approach built on a long term relationship with a knowledgeable advisor. The company specializes in meeting the retirement-related financial needs of the mass affluent.
American Express is pursuing a spin-off to shareholders of the American Express Financial Advisors unit. The transaction is expected to be completed in the third quarter of 2005, subject to certain conditions. The company began operating as Ameriprise Financial, Inc. on August 1.
(a) Services provided through Ameriprise Retirement Services include: defined contribution recordkeeping and plan administration; assistance with defined contribution plan ompliance; investment management; trustee and custodial services; and retirement education and planning services. Services provided through Aon Consulting include: assistance with defined benefit plan design, administration and compliance; actuarial valuation services and retirement plan consulting services; retirement and total compensation statements, customized communication; Total Human Resource Outsourcing services; and HR Portal(R).
(b) BluePrint Design is a service mark of Ameriprise Financial Services, Inc.
(c) On Track Retirement Education is a service mark of Aon Corporation.
Ameriprise Retirement Services is a service group of Ameriprise Financial Services, Inc. and Ameriprise Trust Company. Registered investments and financial planning services are offered through Ameriprise Financial Services, Inc. Member NASD. Retirement plan and trust related services are offered through Ameriprise Trust Company.