AON also ensures compliance of laws and regulations in the defined contribution plan process by adhering to the IRS, Internal Revenue Code, ERISA and Department of Labor regulations. AON has a team of specialists to deal specifically with these regulations which can become very complicated for business. In terms of AT & T, AON deals with rules and regulations regarding the following. AON consultants are extremely dedicated to ensuring that AT & T and other clientele are in full compliance of Tax and ERISA regulations.
According to AON, "our consultants monitor and help formulate legislative and regulatory developments in Washington DC and regularly meet with government officials on employee benefits matters. "8 Employee Stock Ownership Plan Management AT & T offers employee stock options along with savings and security plans to all of its employees. AON was able to advise AT & T on positioning these plans with top financial advisors- Merill Lynch, Computershare and Fidelity Investments. In terms of stock options employees can monitor investments online by logging onto www. benefits. ml. com.
Employees can get any investment questions and queries answered by knowledgeable Merill Lynch staff. Computershare is also one of the world's leading financial services and AT & T is proud to be one of their clients. AT & T employees can log onto http://computershare. com to assess stock information and get any queries answered. Computershare's website is very flexible and is available to employees on a 24 hr basis, 7 days a week. Fidelity Investments deals with savings and security plans for AT & T employees. Employees can also access information by logging onto http://netbenefits. fidelity.com.
Fidelity Investments also has an automated voice response system and service center which is available to AT & T employees 24hrs a day. Outsourcing of benefits management can be a great advantage and wise decision for companies that may be having problems with managing their benefits function. Outsourcing of benefits provides organizations with greater efficiencies and decreased costs. Organizations may decide to outsource benefits management due to the complexity of the function but it is important that they find an outsourcer that is the right fit for their organization's needs.
AT & T made a pivotal decision in 2001 to use AON to outsource their benefits management. The professionalism and expertise of the AON team was quickly shown, as AON was able to solve AT & T's problems by reducing costs and improving other areas. Chris Morena, the Vice President of Human Resources at AT & T states that, "the innovative collaboration between AT & T and Aon has delivered excellent service levels, satisfied customers and reduced costs. This groundbreaking partnership has fundamentally changed the way we do human resources at AT & T. "