Retirement plan compliance consulting


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Milliman helps clients navigate ever-changing regulations with thorough retirement plan compliance services, assisting plan sponsors to avoid penalties and maximize plan efficiency.

Employers who sponsor tax-qualified defined benefit or defined contribution plans must remain in compliance with a broad range of requirements under the Employee Retirement Income Security Act of 1974 (ERISA) and regulations under governmental agencies such as the Internal Revenue Service (IRS), Department of Labor (DOL), and the Pension Guaranty Benefit Corporation (PGBC). A failure to do so can result in excessive costs, penalties, or even plan disqualification. The consequences can be severe, such as immediate taxation of certain employee benefits, denial of employer deductions, and taxation of trust earnings.

Milliman handles all matters related to compliance, including the multitude of required filings. We also conduct proactive research and give advice on new compliance requirements in a constantly shifting regulatory environment. We give forward-thinking support to facilitate any required plan adjustments, as well as conduct ongoing data checks and follow-ups to ensure timely completion of required tasks. We consult on:

  • Plan document services. Milliman handles all ERISA requirements, presenting employers with a thorough plan document and summary plan descriptions (SPDs). We handle all necessary amendments, and plan restatements as updates are needed. We work closely with clients and their attorneys before changes are made and as changes are implemented.
  • Nondiscrimination testing. Plan sponsors must demonstrate that their plans do not provide benefits that discriminate in favor of highly-compensated employees. Milliman guides clients through participation testing, coverage testing and benefits, and rights and features testing to ensure compliance with nondiscrimination rules.
  • Election forms and benefit calculations. We offer retirement benefit calculations, participant election forms, and fulfillment services. We provide up-to-date calculations for complex plans using our comprehensive actuarial software tools that have been refined over two decades with customer input.
  • Standard filings. We handle all standard annual regulatory filings, including governmental reporting for pension plans, 5500 filings with the DOL, financial and actuarial information in PBGC 4010 filings, and PBGC premium filings. We also handle filings for plan document determination letters and are available to assist with IRS, DOL, and PBGC inquiries.
  • Voluntary correction filings. We can assist in administrative and operational processes for the correction of plan document or operational errors with the IRS through the Employee Plans Compliance Resolution System, amend past reporting failures with the DOL through the Delinquent Filer Voluntary Compliance Program, and we can do the same for other types of correction reporting.

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Please contact us to learn how Milliman can help keep your retirement plan in compliance with all governmental agency requirements.

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