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Defined benefit plan administration

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Overview

Defined benefit plan administration

With a culture built around creative solutions, flexibility, and quality, we help you face daily challenges including fiduciary responsibility, cost containment, overall quality, service level attainment, and participant satisfaction.

Whether you have historical data challenges, have struggled to comply with recent government regulations, or simply need to have your HR staff focused on critical objectives, Milliman has a solution. By leveraging our leading technology solutions, thought leadership and best practices, you receive comprehensive defined benefit solutions that deliver outstanding participant service, ensure compliance and accuracy, while managing plan expenses and mitigating risk.

History of excellence and commitment to the future

Actuarial excellence

Our strength as an actuarial firm provides the foundation for our defined benefit administration systems and service models.

Scale

Milliman is one of the largest:

  • Global actuarial consulting firms as measured by the number of credentialed actuaries
  • U.S. DB administration providers ranked by annual PLANSPONSOR DB survey

Comprehensive services

  • Traditional pension and cash balance plans
  • Corporate, public, and multi-employer
  • Domestic and international
  • Small to jumbo plans
  • Broad industry spectrum

Commitment

Milliman has provided services to pension plans since 1947 and fully outsourced defined benefit administration services since 1992.

Broad spectrum of pension administration services

Milliman has extensive experience providing and supporting the full spectrum of pension administration models to best meet the needs of our clients and their participants, including:

Full outsourcing

Full outsourcing

Comprehensive pension plan outsourcing includes web portal/call center, data maintenance, real-time benefit calculations and projections, online retirement capabilities, retiree maintenance, payment processing, and educational content.

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SERVICES

Related defined benefit plan administration services

PRODUCTS

Related defined benefit plan administration products

Pension administration and communication
Retirement benefits administration platform

Millimanbenefits.com

Empower your retirement plan to achieve your business objectives through our state-of-the-art outsourcing services combined with leading-edge financial wellness education.

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Pension administration and communication
Pension administration & communication

Milliman Actuarial Retirement Calculator (MARC)

Administer defined benefit and cash balance pension plans with one of the industry's leading retirement planning and communication tools.

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Resources

Brochure

Defined benefit administration brochure

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VIDEO

Defined benefit participant experience

Insight

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Article

Changes to the 2024 annual funding notice for single-employer defined benefit plans

As we draw closer to the time of year that defined benefit (DB) plans start sending out their annual funding notices (AFNs), we wanted to draw attention to SECURE 2.0 changes that will apply to single-employer DB plans beginning with the 2024 plan year AFNs sent out in 2025.

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Podcast

Critical Point Episode 53: Are corporate pension plans making a comeback?

Milliman pension actuaries discuss why IBM and other companies are restoring defined benefit retirement programs.

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ARTICLE

DB plan key considerations in anticipation of 2024 interest rate cuts

With the U.S. Federal Reserve likely to start cutting interest rates in 2024, we discuss six ways defined benefit plan sponsors can prepare for the impact.

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ARTICLE

Ensuring accuracy in defined benefit administration

We explore three critical areas for the successful management of DB plan administration: data collection, regulatory compliance, and participant education.

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Podcast

Critical Point Episode 46: SECURE 2.0, Part 2: How the new retirement law affects single-employer defined benefit plans

Milliman employee benefit experts discuss the potential impact on veteran employees, the future of corporate DB plans, and the Act’s other implications for pensions.

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401(K) COMPLIANCE CORRECTIONS RESOURCE

Imperfect defined contributions plans: When good plans go bump

Defined contribution retirement plans are a complex entanglement of many moving parts and players that can change at any moment.

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We’re here to help

Ask the tough questions. We’re ready for them.