Pensions
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Defined benefit consulting
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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
Settlement accounting 2025: Seizing de-risking opportunities in a changing interest rate environment
Should you de-risk your DB plan? We review recent trends, implications for plan sponsors, and the emerging strategy of using buy-ins and buy-outs.
Dear Actuary: What are the alternatives to terminating our defined benefit pension plan?
We’re considering terminating our traditional defined benefit pension plan but understand that it can be a long, expensive process with unintended impacts on participants and company financials. Are there any alternatives we could consider?
Opportunities for pension plans with surplus assets
The options for DB plans with excess assets in the U.S. vary, depending on whether the plan is ongoing or if it is being terminated.

Your pension plan data at plan termination – It may not be as clean as you think
We highlight common data challenges encountered during a pension plan termination and offer guidance on how to address them before the final stages of the process.
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).
