We are pioneers in the retirement plan industry, providing unparalleled benefits consulting and administration to employers for more than 60 years. Milliman is also a leader in the design and financial management of health and welfare plans, including retiree medical plans. From evolving workforce needs and rising benefits costs to today’s intricate and constantly changing regulatory and accounting environments, we work with you to develop viable solutions that go beyond mere numbers.
We have a complete grasp of federal and state regulations and a facility for balancing cost and risk management with employee benefit considerations. Our solutions come with a relationship that brings multiple perspectives focused on your constraints and objectives.
Milliman's Employee Benefits practice is a member of Abelica Global, an international organization of consulting firms that serves clients around the world.
Declining discount rates in 2011 drove the pensions of the Milliman 100 companies to a record year-end 2011 funding deficit of $326.8 billion—a $94.7 billion increase over the year-end 2010 funding deficit of $232.1 billion. Pension expense, the charge to company earnings, also registered a record level of $38.3 billion during fiscal year 2011, a $7.8 billion increase over fiscal year 2010, which had been the previous high. The contribution total of $55.1 billion was lower than expected and $5.2 billion below the record level of $60.3 billion set during 2010. According to footnote disclosures and press releases to investors, many companies have chosen to defer their pension contributions to 2012.
This study covers 100 U.S. public companies with the largest defined benefit pension assets whose 2011 annual reports were released by March 5, 2012.
Over the past couple of years, many retirement plan participants have found themselves struggling to make ends meet, turning to their retirement plans to help ease financial burdens. Some participants requested hardship withdrawals because it was their last resort, while others took them without fully understanding the short-term and long-term consequences. This trend continues today, which is why it is important for both those working with participants, as well as participants themselves, to be fully aware of what is at stake when hardship withdrawals are considered.
Retirement plans: What to look for in 2012Pressure on employee benefit plan sponsors is coming from a lot of different directions. In this article, we look at a few of the potential issues that may affect defined benefit and defined contribution plans in 2012.
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