Resources consulting and outsourcing company Hewitt Associates, Inc. (HEW) Wednesday said it signed a contract with Florida State Board of Administration or FSBA, an agency of the Florida, state government, to provide benefits outsourcing services. The agency provides various investment services to governmental entities.
According to the five-year agreement, effective January 1, 2010, Lincolnshire, Illinois-based Hewitt will act as record keeper for the FSBA's $3.8 billion Florida Retirement System or FRS Investment Plan. The FRS Investment Plan is a member-directed 401- a- defined contribution program.
Jay Rising, Hewitt's president of HR outsourcing said "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."
HEW is currently trading at $29.93, down $0.02 or 0.07% on a volume of 588k shares on the NYSE.
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