Government

We are leaders in retirement, helping shape significant changes in the industry. We have experience in contracting with federal and state governments, enabling us to assist agencies with critical and complex issues, including retirement funding, healthcare financing, risk management, and regulatory compliance. We provide pension plan consulting and created the annual Public Pension Funding Index along with quarterly and monthly public pension studies. We also work closely with our clients on policy analysis and compliance. We track and analyze legislation and regulation affecting retirement and also routinely provide agencies—like the PBGC – with analyses of the fiscal impact of proposed retirement-related legislation. Specifically, we provide highly qualified and specialized professional services and personnel resources to support the PBGC’s Office of Benefits Administration (OBA) in calculation of benefits for participants in the PBGC trusteed pension plans. The support is primarily provided to the OBA’s Actuarial Services and Technology Department and its two divisions: the Actuarial Services Division and the Technology and Risk Management Division. We provide the required services in accordance with Title IV of ERISA and applicable PBGC regulations, standards, settlements, policies, and procedures.

We specialize in building and licensing off-the-shelf cost-effective solutions to measure and manage the unique risks associated with guaranteeing or direct origination of credit such as mortgage, small business, and student loans, providing credit enhancement and risk share analytics, and producing credit subsidy estimates and policy analysis for government entities. Milliman also provides risk management support through model development and/or IV&V (independent verification and validation) for quantitative models utilized for budget estimation and policy analysis. We provide industry-leading standards for documentation and transparency of work product while maintaining secure data center and Graham-Leach-Bliley Act compliance. Our professionals help governmental agencies deliver successful results in budget estimates, risk analysis, and policy impact studies.

Modeling has become increasingly climate-aware, and we work with governments to address a variety of climate resilience questions. We perform actuarial redesign of rates, including modernization and improved granularity of rating elements for a government insurance program. We perform regulatory research to understand how to implement innovative solutions that comply with state insurance regulation, and we create and support the associated filings with state regulators. We also advise governmental officials and stakeholders on strategies to mitigate catastrophic risk, educate consumers to enable better decision-making, and promote insurance availability and affordability. Milliman has a deep understanding of catastrophic perils such as wildfire, hurricane, flood, earthquake, and severe/winter storms. Our climate resilience team can help define scenarios, specify and model hazards, and develop options for resilience that offer clear insight into costs, benefits, and uncertainty. Milliman is a trusted adviser, managing the nexus of hazard, climate, resilience, and insurance.