Milliman’s defined benefit administration services not only eliminate paperwork and increase efficiency, they also add value to the benefits by giving employees greater access to pension information. We bring plan information together in one place and provide participants a Web portal where they can view their benefits and plan for retirement using sophisticated benefit calculators. We also offer a participant call center where participants, both active and inactive, receive personalized service.
Our administration of defined benefits plans enables a smooth, orderly, and well-documented succession of knowledge by compiling necessary historical data into one database and one point of contact for employees and plan sponsors. We strive to ensure that all relevant information is archived correctly. Additionally, we keep clients informed on the latest trends and legislative changes.
Milliman provides traditional defined benefit plan administration, including individual benefit calculations, and we also provide complete outsourced services. These services include:
- implementation and conversion services
- participant Web site including benefit calculator
- employer Web site
- benefit calculations
- complete pension administration services
- database maintenance for active, retired, and terminated-vested participants
- call center
- annual benefit statements
- payee administration services
Objective, third-party advising is our only agenda
Milliman does not sell financial products; instead, we offer unbiased, objective advice with no requirements for clients to use proprietary investment funds. Our goal is simply to help them effectively manage their employee benefits plans. Our clients are able to independently choose investment funds and a trustee/custodian that best suits their needs. Milliman will seamlessly integrate these choices into the plan administration.