Human resources consultant Watson Wyatt Worldwide is spinning off part of its retirement business to 2 groups headed by former employees.
WWW, Washington, announced it will spin off its North America multiemployer retirement business to 2 new companies. The agreement covers Taft Hartley plans in the United States and private sector, trusteed plans in Canada.
The companies, Horizon Actuarial Services in the U.S. and PBI Actuarial Consultants in Canada, will be owned and run by current WWW employees, the company says.
WWW says it will have no stake in either company but will receive a portion of their revenues for the next 5 years.
WWW also spun off public pension fund retirement plans some years ago. The moves will help the company focus on its core market of large employers, says Gene Wickes, global director of benefits consulting for WWW.