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Hewitt Associates Chairman and CEO to Initiate Planned Trading Plan

Hewitt Associates Chairman and CEO to Initiate Planned Trading Plan

LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--March 3, 2006--Hewitt Associates, Inc. (NYSE:HEW), a global human resources services company, today announced that Dale L. Gifford, chairman and chief executive officer, intends to enter into a prearranged plan to sell a portion of his holdings in Hewitt Associates, Inc. The objective of this plan is to facilitate the orderly sale of common stock for diversification and tax-planning purposes.

Under terms of the plan, which will be adopted in compliance with Securities and Exchange Commission Rule 10b5-1, Gifford, directly and through a family partnership, will sell up to 100,000 shares of Hewitt stock over 12 months, beginning in May 2006. In addition, Gifford has indicated he intends to gift 25,000 shares to various charitable organizations. In total, these shares represent less than 12 percent of Gifford's holdings, including options and restricted stock.

Gifford's ownership interest in Hewitt is in excess of the Company's stock ownership guidelines, has continually increased over the years and, apart from these sales, would have again increased in 2006 as part of his ordinary compensation arrangements. Including shares of common stock, stock options and restricted stock, Gifford's total equity ownership in the Company today is 1,080,054 shares, which is a 10 percent increase over his total equity stake at the time of Hewitt's IPO in June, 2002.

Rule 10b5-1 permits the adoption of written, prearranged trading plans by insiders at times when they do not have material, non-public information. Using these plans, insiders can gradually diversify their investment portfolios and spread stock trades over an extended period of time to reduce potential market impact. Once a plan is established, the insider retains no discretion over sales under the plan, and the pre-planned trades can be executed through a broker without regard to any subsequent material non-public information that the insider may acquire.

Gifford's transactions under his Rule 10b5-1 plan will be publicly disclosed on Form 4 filed with the Securities and Exchange Commission.

About Hewitt Associates

With more than 60 years of experience, Hewitt Associates (NYSE:HEW) is the world's foremost provider of human resources outsourcing and consulting services. The company consults with more than 2,400 organizations and administers human resources, health care, payroll and retirement programs on behalf of more than 350 companies to millions of employees and retirees worldwide. Located in 35 countries, Hewitt employs approximately 22,000 associates. For more information, please visit www.hewitt.com

Source >>
businesswire.com

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