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.