Mergers & Acquisitions — Employee Benefits


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Proven expertise

Milliman consultants have helped many clients manage human capital issues in their M&A transactions. Our objective is to help our clients achieve the goals of their investment thesis. People are often the most critical resource of an organization, and managing the complex issues that deal with people, rewards, and culture is our strength.

Our dedicated professionals have the knowledge and experience to be highly effective in the M&A deal environment. We can assist with thorough review of the human capital deal terms, benefit plan financials, program designs, plan documents, and possible changes to benefits when a merger, acquisition, or divestiture takes place. Years of experience with buyouts, mergers, and takeovers prove Milliman to be a global leader in M&A consulting.

Broad benefit insights

Identifying and understanding the risks and potential costs of the benefits programs is critical for the success of all divestiture and acquisition transactions. Milliman has developed sophisticated tools for analyzing these risks, and we can confidently guide clients through the complexities of each proposal. Our services include pre-merger analysis, comprehensive due diligence, current plan analysis and comparison, benefit design, employee communication, plan changes, day one readiness, and post-merger integration.

Strategy. Implementation. Communication.

At Milliman, we listen closely to each company’s goals to provide stability and perspective during transitions in today’s volatile economic environment. Our consultants will work with you to develop the critical strategy that establishes your direction, deliver a smooth implementation, and effectively communicate with internal and external stakeholders to assure buy-in and achievement of your goals.

Comprehensive HR support

Milliman’s experts can provide comprehensive HR support that addresses all stages of the deal—whether our role is to lead the HR element of the transaction or manage one key component.

Pre-acquisition Closing Post-acquisition
  • Target identification support
  • Due diligence
  • Inventory plans and policies
  • Identify non-disclosed liabilities
  • Evaluate transaction-related payments
  • Review union-related exposures
  • Evaluate restructuring costs
  • Evaluate debt-like items
  • Perform Quality of Earnings analysis
  • Project cash and P&L requirements
  • Prepare pro forma run rate analysis
  • Develop risk mitigation strategies
  • Development and modeling of plan investment scenarios
  • Pension de-risking strategies
  • Develop integration strategy
 
  • Confirmatory due diligence
  • Integration execution support
  • Assist with negotiations
  • Financing support and plan documentation
  • Review purchase agreement
  • Review gap analysis and Transition Services Agreements
  • Carve-out structuring
  • Plan redesign support
  • Plan implementation support
  • Review and assistance with fiduciary responsibilities
  • Provider and carrier due diligence and sourcing
  • Benefit compliance audit and correction support
  • Develop/implement staff transition plans
 
  • Monitor implementation process
  • Triage coverage gaps
  • Monitor Purchase and Sale Agreements term “cliffs” for completion
  • Develop ongoing asset strategy with leadership/investor
  • Comprehensive communication strategy, both internal and external
  • Identify efficiency/cost improvements
  • Ongoing program benchmarking and design
  • Review aggregation opportunities across portfolio companies
  • Review/develop exit strategy
  • Develop retention strategy
  • Structural and departmental organization assistance
  • Develop and align compensation and total rewards programs
 

Global experience, local presence

Clients rely on us as industry experts, trusted advisors, and creative problem-solvers. A global perspective is more important than ever as the marketplace grows and businesses cross borders. With offices in principal cities worldwide, Milliman combines international experience with local expertise. We help our clients understand how business is affected by developments around the world.

Next Steps

For more information, contact: