Pensions
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Milliman Benefits account loginReview the latest study on the funding levels of corporate pension plans.
Read the latest studyMilliman pensions insight
Dear Actuary: Should we delay a Pension Risk Transfer in case interest rates drop?
Does that mean we should delay a Pension Risk Transfer (PRT)? If rates drop, wouldn’t insurers lower their prices and make a PRT cheaper later?

Insights from Milliman’s 25th Annual Corporate Pension Funding Study
Study author Zorast Wadia and cash balance expert William Strange review the results of the 2025 Corporate Pension Funding Study.

Why are cash balance plans used to supplement 401(k) plans for higher-paid employees?
Understanding the benefits and advantages of cash balance plans

Utilizing excess assets in a defined benefit plan for effective workforce reduction
The challenge: incentivizing a workforce reduction

Market-based cash balance plans (MBCBP): FAQ
We answer some FAQs to help employers decide whether to sponsor a market-based cash balance plan.

Pension risk transfers: DOL reviews IB 95-1, guidance for selecting an annuity provider
The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (DOL) recently issued its report to Congress on Interpretive Bulletin 95-1 (IB 95-1).
How has pension plan participant behavior changed within a high interest rate environment?
De-risking considerations for plan sponsors
Dear Actuary: Actuarial audits
An overview of the many potential perspectives for an actuarial review as well as the possible levels of detail for the review.
Frozen pension plan with a surplus? Four strategies for plans with excess assets
According to Milliman’s latest Pension Funding Study, over one-third (35) of the 100 plans in our study have excess assets. This article explores four different approaches plan sponsors can take for frozen plans with surplus assets.
Is it time to unfreeze your company’s defined benefit plan?
How a prefunding strategy and rising interest rates enabled a nonprofit to reopen its pension
