Creating and maintaining defined contribution (DC) plans is complicated work: Plans must be operated in an efficient manner and comply with a host of government regulations. Milliman consultants begin by determining what trustees envision for their plans. We help trustees address a host of structural and practical issues such as contribution rates, fee allocations, participation rates, member vesting, valuation frequency, and comprehensive best practices. We draw upon decades of experience in retirement plan consulting, effective and flexible software tools, and a disciplined process to create optimal solutions.
Our services include:
- Plan design and redesign. For trustees looking to start a new plan, Milliman delivers the best outcome given their goals. We help them determine all the parameters for their plans from distribution options to the allocation of expenses. We also devise ways to boost participation rates. For trustees wanting to make changes to existing plans, we can conduct extensive compliance testing to offer solutions and options for how a plan can be altered.
- Recordkeeping. We keep accurate plan databases and maintain data integrity using industry-leading software while providing detailed reporting to trustees on a periodic basis. Milliman is completely independent from asset management firms, offering a true open architecture investment platform, negating any conflicts of interest or bias in the investment selection process. There is complete transparency in the pricing of recordkeeping and no acceptance of compensation (including 12b-1’s or Sub-TA’s) from investment management companies. Any revenue sharing is allocated back to the plan and its participants.
- Compliance services. We handle all standard filings and notices pursuant to the Internal Revenue Service (IRS) and Department of Labor (DOL) requirements and provide comprehensive ADP testing as required under §1.401(a)(4) . We also conduct proactive research and give advice on new compliance requirements in a constantly shifting regulatory environment and assist with correction processes to fix plan errors and amend any past reporting through Voluntary Correction Program filings with the IRS.
- Participant communications and education. Milliman provides comprehensive, custom communications and education support for participants in DC plans. Included is our proprietary PlanAhead for RetirementTM income projection modeling tool to assist participants understand all of their sources of income in retirement. Participants are able to include spousal information and their retirement sources, Social Security, DC plan benefits, DB pension benefits from local, national or international plans as well as other personal financial information. This culminates in a detailed report providing participants with their personal income projection and gap analysis.
Since 2012, Milliman has won 12 gold, silver and bronze cups and received 287 best in class awards in categories that include technical expertise, cost to value, website, education, recordkeeping and service team.