Milliman reorders the complicated maze of defined contribution administration into a simple, seamless process. We combine decades of employee benefits experience, the highest professional standards for client service, and customizable software developed specifically for retirement plans to create an integrated, streamlined service.
For employers, this means:
- accurate recordkeeping and greater efficiency
- simplified compliance
- customized services to meet the specific needs of your business
- greater ease adjusting plans to fit legislative reforms such as the Pension Protection Act of 2006
- freedom to choose and integrate financial products from any provider
Online service provides greater confidentiality and flexibility
We create Web portals where employees can view their benefits, adjust their options, and run “what-if” scenarios to help them understand their retirement preparedness. Our technology solution incorporates numerous calculators that can tell employees how savings levels affect pay checks, benefit plans affect retirement, and how much value they are getting from employer-sponsored plans. With convenient and secure online access to their plan information, employees can reduce their reliance on the HR department for benefits questions and changes. We also provide 1-800 customer service lines that provide employees with on-demand personal service.
Customizing our administration for a large hospital
Milliman does more than file forms—we work closely with clients to meet their needs and customize our approach to their objectives. We recently worked with a hospital to boost participation of its 5,000 active employees, who were in several different types of plans. We began by establishing a Web portal where employees could see their savings, learn more about investing, and use forecasting tools to calculate how much to put away for retirement. We also held weekly question-and-answer sessions where employees could ask questions about enrollment and investing. These changes enabled them to see the value of their benefits every day and become active investors, while reducing the amount of time human resources staff spent on administration.