Hewitt Launches "Retire Online" Service; Benefits Delivery Leader Moves Retirement...

Business Editors

LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--Feb. 6, 2001

More than one million employees are expected to retire this year and Hewitt Associates, an employee benefits delivery and management consulting firm, today launched an online tool to help them manage the complicated

Hewitt's "Retire Online" tool, which is among the first of its kind in the industry, allows employees to manage the entire retirement process online, including pension benefit estimates, beneficiary choices and plan payment choices. Self-paced, the tool enables employees to move through the process as quickly or as leisurely as they'd like.

"Once an employee decides to retire, there are several important decisions that need to be carefully considered," said Leslie Pontello, global practice leader, defined benefit administration, Hewitt Associates. "By providing personalized information and step-by-step instructions in an easy-to-digest format, we're helping employees manage what can be a very overwhelming process."

Available to Hewitt's clients, the service went live today for Wachovia Corporation, a leading interstate financial holding company and its more than 19,500 employees.

"Retirement is a life-changing decision that comes after many years of dedicated service and as an employer, it's our goal to make the process as effortless as possible," said Paul G. George, executive vice president and director of human resources, Wachovia Corporation. "We decided to offer `Retire Online' because we want our employees to retire with the confidence that they are making the right decisions."

Employees considering retirement gain access to the tool via the Internet and can click on different categories to learn about the preparations needed to retire, such as retirement income, expenses and retiree health benefits. They can also calculate their pension benefit estimates, choose the best pension payment option for their situation and learn about Social Security benefits.

Once employees are ready to retire, they click on various categories to complete the process, including verifying personal information and beneficiaries, reviewing pension benefit options and selecting the form of payment. After the information is submitted, employees can make changes or cancel their choices online until the date retirement begins.

"It used to be that when you decided to retire, you were given the task of wading through a big packet of paperwork," added Pontello. "Not only is this time consuming, but the paperwork doesn't provide the decision support necessary for employees to fully understand the choices they're making. By managing the retirement process online, it can be completed in less time and it's accurate, providing employees with answers to all of the questions they should be asking."

Traditionally, the retirement process can take days or even weeks to make the necessary choices, speak to company and benefits representatives and complete the paperwork. Although the online method is self-paced, Hewitt estimates that employees educated about pension options can complete the process in one hour or less.

The "Retire Online" service is accessible to Hewitt's clients and their employees through the firm's Total Benefits Administration(TM) outsourcing services.

Wachovia Corporation (NYSE:WB, www.wachovia.com), with dual headquarters in Atlanta and Winston-Salem, N.C., is a leading financial holding company serving regional, national and international markets. As of Dec. 31, 2000, Wachovia had assets of $74 billion. Member companies offer consumer and commercial banking, bank card, asset and wealth management, capital markets and investment banking, community development finance, brokerage and insurance services. Wachovia Bank, N.A., the principal subsidiary, has nearly 700 offices and 1,400 ATMs in Florida, Georgia, North Carolina, South Carolina and Virginia.

Hewitt Associates LLC (www.hewitt.com) is a global management consulting and employee benefit delivery firm. Hewitt is the largest provider of benefit outsourcing programs, administering major benefit delivery programs to more than 12 million employees, retirees and their dependents. The firm delivers defined benefit programs to more than 4.8 million employees and recorded 2000 firmwide revenues of nearly $1.3 billion.