Hewitt Associates Signs New Contract with Florida State Board of Administration
LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--Hewitt Associates, a global human resources consulting and outsourcing company, announced it will provide benefits outsourcing services to the Florida State Board of Administration (FSBA), an agency of the Florida state government that provides a variety of investment services to a number of governmental entities.
Under the terms of the five-year agreement, effective January 1, 2010, Hewitt will act as record keeper for the FSBA's $3.8 billion Florida Retirement System (FRS) Investment Plan. The FRS Investment Plan is a member-directed 401(a) defined contribution program.
"We are pleased to begin this new relationship with the Florida SBA," said Jay Rising, Hewitt's president of HR outsourcing. "We look forward to serving this new set of participants and retirees with our enhanced set of retirement tools that consider the diverse needs of the plan population. Our relationship with the Florida SBA marks a new foray into serving state governments, and it's one we will continue to pursue."
Financial terms of the deal were not disclosed.
About the Florida State Board of Administration The FSBA manages, invests and safeguards assets of the Florida Retirement System Trust Fund and other funds for the State of Florida and local governments. The FSBA is a non-political organization with a professional investment management staff and a strong record of delivering positive long-term returns on investment. Founded in 1943, the SBA is required to invest assets and discharge its duties in accordance with Florida law and in compliance with fiduciary standards of care. For more information about the FSBA and the funds they manage, see their Annual Investment Report.
About Hewitt Associates Hewitt Associates (NYSE: HEW) provides leading organizations around the world with expert human resources consulting and outsourcing solutions to help them anticipate and solve their most complex benefits, talent, and related financial challenges. Hewitt consults with companies to design and implement a wide range of human resources, retirement, investment management, health management, compensation, and talent management strategies. As a leading outsourcing provider, Hewitt administers health care, retirement, payroll, and other HR programs to millions of employees, their families, and retirees. With a history of exceptional client service since 1940, Hewitt has offices in 33 countries and employs approximately 23,000 associates who are helping make the world a better place to work. For more information, please visit www.hewitt.com.