Business Services Industry
Aon latest employer to alter its pension strategy.(News)
Business Insurance, March, 2004 by Geisel, Jerry
Byline: JERRY GEISEL CHICAGO-Continuing a trend among employers, Aon Corp. is adding a second defined contribution plan and will phase out its defined benefit pension plan. The new plan offered by Chicago-based Aon, the world's second-largest insurance broker, will give participants the opportunity to direct company contributions into the same investment options that Aon now offers in its 401(k) plan.
Unlike the 401(k) plan, in which company contributions are matched to employees' salary deferrals, Aon's contributions to the new plan will be based on employees' length of service. Employees with less than five years of service will receive an annual contribution of 3% of pay; those with between five and nine years of service will receive a contribution of...
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