Compliance and fiduciary consulting for retirement plan sponsors
Compliance-driven services for your retirement plan
Protect your plan, your people, and your organization with a benefits compliance and fiduciary consulting partner you can trust. Milliman’s Employee Benefits Consulting team combines deep regulatory expertise with practical fiduciary governance support to help plan sponsors confidently navigate ERISA, IRS, and DOL requirements. From plan documentation to regulatory submissions and executive plan design, we deliver precision, independence, and audit-ready results.
Our compliance team stays on top of regulatory and legislative updates to keep you informed.
Retirement plan compliance documentation services
We’ll help you build and maintain the right documents—and the right paper trail—to support a prudent fiduciary process.
Milliman's experts can assist with:
- Defined contribution plan documentation and participant communications (individually designed and IRS pre-approved)
- Defined benefit plan documentation and participant communications (individually designed and IRS pre-approved)
- 403(b) tax-sheltered annuity custodial account documentation
- Nonqualified deferred compensation plan and rabbi trust documentation and communications
- Internal Revenue Service submissions for plan qualification and termination
- Plan amendments, restatements, and interim updates
- Summary Plan Descriptions and Summaries of Material Modifications
Tax form preparation
Our specialists prepare and review key IRS forms and supporting materials leading to accurate, timely filings that reduce risk and streamline regulator interactions.
- Form 5300 Application for Determination of the initial qualification of an individually designed defined benefit (DB) or a defined contribution (DC) plan
- Form 5307 Application for Determination of the qualification status of a pre-approved DB or a DC plan
- Form 5310 Application for Determination on the qualification status of DB or a DC plan at the time of the plan’s termination
- Form 5310-A Application to give notice of a plan merger or consolidation, a plan spinoff, a plan transfer of plan assets or liabilities to another plan, or Qualified separate lines of business (QSLOBs)
ERISA compliance services and fiduciary governance
We combine technical ERISA compliance reviews with practical fiduciary governance support—including fiduciary risk management and committee training—tailored to your plan’s size, complexity, and workforce so that plan sponsors can demonstrate a prudent process from end to end.
- Compliance audits of plan documentation and operations
- Consulting as needed to interpret new rules, implement changes, and remediate findings
- Domestic Relations Order reviews for Qualified Domestic Relations Order determinations
- Fiduciary governance support, including committee charters, annual fiduciary calendars, meeting documentation, and training
- Fee and service reasonableness reviews and benchmarking
- Service provider oversight and RFP support, including contract and disclosure reviews
- Participant disclosure support (e.g., 404(a)(5), 408(b)(2)) and documentation frameworks
Milliman's experts can assist with:
Advanced ERISA and DOL regulatory consulting services
Our experts bring seasoned judgment and regulatory experience to help you resolve complex and time-sensitive issues efficiently.
Client-specific research across ERISA, Internal Revenue Code, DOL guidance, and legislation such as the SECURE Act and ARPA
Employee Plans Compliance Resolution System (EPCRS) submissions
Department of Labor Prohibited Transaction exemption applications
Private Letter Ruling requests
Nonqualified deferred compensation plan services
- Design, drafting, and communication of plans for corporate and tax-exempt entities
- Compliance consulting and administration under IRC Sections 409A, 457(b), and 457(f)
- Collaborative plan design with CEOs, CFOs, in-house counsel, and boards, including benefit levels and vesting schedules that meet sponsor and executive goals
- Review of funding options—such as rabbi trusts, custodial accounts, and corporate-owned life insurance—based on participant demographics and your fiscal philosophy
- 409A, 457(b), and 457(f) compliance audits for existing arrangements
Milliman's experts can assist with:
We advise plan sponsors on strategy, design, funding, and 409A and 457 compliance consulting so that you can align executive rewards with organizational objectives while managing tax and regulatory risk.
We’re here to help
Milliman’s experts offer regulatory rigor, practical fiduciary governance, end-to-end benefits compliance support, and an independent perspective. Ready to strengthen your retirement plan’s compliance posture and reduce fiduciary risk?