Aon Hewitt, the global talent, retirement and health solutions arm of Aon plc, has announced the launch of DC Nexus.
The tool, available to all Aon Hewitt defined contribution (DC) recordkeeping clients, functions as a web-based solution, designed to assist DC recordkeeping clients and their advisors in their plan management and governance processes all while offering them improved management through increased investment flexibility, fee transparency and decision support.
DC Nexus, the newest component of Aon Hewitt’s suite of retirement solutions aimed at improving the financial wellness of employees while simultaneously allowing plan sponsors to develop new and sustainable benefits strategies, manage fiduciary risk and leverage institutional purchasing power.
With the advent of DC Nexus, the industry realizes its first proprietary institutional investment exchange that facilitates increased fee transparency and provides better control to cover expenses. All this at a time when there has been a large jump in the number of plan sponsors that utilize institutional fund options in their DC lineups — a strategy that offers lowering expense ratios while clouding the ability to compare transparent fee information for all the funds in one place.
DC Nexus features three main components:
- Plan Information
New York Life Insurance Company (New York Life) announced that it received the Retirement Income Industry Association’s (RIIA) inaugural “Innovation in Retirement Products” award sponsored by Retirement Income Journal.
New York Life was presented the award at the RIIA Fall Conference and Awards Gala in Austin, Texas, earlier this month.
New York Life’s deferred income annuity, the Guaranteed Future Income Annuity, was awarded for “Revolutionizing the retirement income market” because it spruced up an overlooked product category and made it relevant again by repositioning the product to cater to pre retirees rather than just individuals in advanced age.
The Guardian Insurance and Annuity Company, Inc. (GIAC), a wholly-owned subsidiary of The Guardian Life Insurance Company of America, announced that,for the third consecutive year it has been recognized by the J.D. Power Certified Call Center Program for “An Outstanding Customer Service Experience.”
In order to be certified, a call center must perform within the top 20 percent of customer service scores, which are based on benchmarks established by J.D. Powers’ cross-industry customer satisfaction research. The evaluation criteria include courtesy, knowledge, concern for the customer, timeliness in speaking with someone and a quick resolution to the problem or request.