With the October introduction of Mercer Retirement Solutions came an expanded opportunity for Mercer HR Services as demand for bundled retirement services continued to rise, he said.
Total retirement outsourcing integrates plan management, asset management, administration, and employee communications and allows plan sponsors to address the costs, complexities and risks of all aspects of their retirement plans.
"It started in the small plan market, it's well ensconced in (the middle market), and to anyone that has a frozen plan," he said. "Interest is expanding rapidly."
Mr. Moreen said Mercer research found the market for total retirement outsourcing is projected to grow 15% to 20% annually as employers seek a holistic solution to their retirement plan challenges.
A unique aspect of Mercer's service is that plan sponsors are able to outsource the investment management process for their retirement plans, with Mercer acting as a fiduciary in investment manager selections. "It sets us apart from other providers," he said.
Mercer Global Investments has $10 billion in assets under management.