Defined contribution plan consulting


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Milliman works closely with companies to develop and maintain a defined contribution plan that best fulfills corporate goals while ensuring thorough regulatory compliance.

Devising and monitoring defined contribution (DC) plans is complicated work: Plans must be run efficiently and comply with a host of government regulations. Milliman consultants begin by determining what clients envision for their plans. We help clients address a host of structural issues such as contribution rates, fee distribution, participation rates, employee vesting time, and matching amounts. We draw upon decades of experience in retirement plan consulting, effective and flexible software tools, and a disciplined process to create optimal solutions.

Our DC work includes key services such as:

  • Plan design and redesign. For plan sponsors looking to start a new plan, Milliman delivers the best outcome given the goals of the client. We help employers determine all the parameters for their plans, from distribution options to the apportionment of fees. We also devise ways to boost participation rates. For plan sponsors needing to make changes to existing plans, we can conduct extensive compliance testing to offer solutions and options for how a plan can be altered.
  • Plan mergers and terminations. For companies that have recently acquired another enterprise, we offer comprehensive services to help merge retirement plans or phase out the plan of an acquisition target.
  • Data integrity and correction resolution. We keep extremely accurate plan databases. We can assist with correction processes for 401(k) and other plans to clear errors and amend any past reporting through Voluntary Correction Program filings with the Internal Revenue Service (IRS) and other regulatory forms.
  • Compliance services. We handle all standard filings, including informational reports to the IRS and Department of Labor (DOL), such as Form 5500. We also constantly conduct proactive research and give advice on new compliance requirements in a constantly shifting regulatory environment. We give forward-thinking support to facilitate the plan adjustments required, as well as conduct ongoing data checks and follow-ups to ensure timely completion of required tasks.
  • Plan document services. Milliman handles all Employee Retirement Income Security Act (ERISA) requirements, presenting employers with a thorough plan document, including necessary amendments and plan restatements as updates are needed. We work closely with clients and their attorneys before changes are made and as changes are implemented. We also handle plan testing and work with clients to complete outstanding items before changes are made.
  • Unbiased services. Milliman offers objective, third-party advice. Since Milliman does not sell financial products, we are free from conflicts of interest, offering unbiased, objective advice with no requirements for clients to use proprietary investment funds.

Get started

Please contact us to learn how Milliman can help you structure a defined contribution plan that meets your company’s objectives.