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Retirement plan design

Small Business Retirement Plan Solution

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Small Business Retirement Plan Solution
Small Business Retirement Plan Solution
Overview
Solution
Insight
Services
Products
Section 1
Overview

Each small business has its own unique financial characteristics

Small businesses face distinct challenges when it comes to retirement. Owners seek to accelerate their retirement savings and minimize tax liabilities, while also needing to offer competitive retirement plans to attract and retain top talent.

Milliman helps meet these unique needs with custom retirement solutions, including cash balance plans, paired cash balance/401(k) plans, and defined contribution third party administration (TPA) services that:

  • Fit the unique profile of both owners and staff
  • Evolve as business and personal situations change
  • Remove administrative and compliance burdens so you can focus on your business
Section 2
SOLUTIONS

Customized retirement solutions

Just as an architect designs a building to fit the needs of a client, we design a retirement plan program to fit yours. Sophisticated tools and streamlined processes enable us to provide complete end-to-end solutions at competitive prices.

Our comprehensive Small Business Retirement Plan Solutions include design, actuarial services, plan document, government filings, and administration.

Cash Balance Plans

Milliman designs cash balance plans tailored to your ownership structure, financial situation, and retirement timeline. Combining the features of a traditional pension plan with the ease of a 401(k) plan, they provide tax-deferred contributions beyond 401(k) limits, tiered benefits, a fixed interest rate, minimal sponsor risk, creditor protection, and a clear benefit structure.

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Paired Cash Balance/401(k) Plans

Maximize retirement savings and give your team a competitive edge with Milliman's paired cash balance/401(k) plan solution. This tailored solution allows partners and owners to take advantage of higher retirement benefits, while providing your staff with a competitive 401(k) plan.

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Defined Contribution Third Party Administration (TPA) Services

Milliman's TPA services make sure your defined contribution plan runs smoothly and stays compliant with all relevant plan rules and IRS regulations

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Section 3
INSIGHT

Related insight

Article

Cash balance plans and variable annuity pension plans

Why plan sponsors are taking a fresh look at hybrid defined benefit plan designs

Read the article
FAQ

Cash balance plans: Frequently Asked Questions

Cash balance plans blend the features of a traditional defined benefit retirement structure with the look and feel of a 401(k)/profit-sharing plan.
Read the article
Article

Small business owners have welcome opportunity to reevaluate their retirement programs

Annual contribution limits for retirement plans rise significantly in 2022, giving small business owners greater tax deferrals with DB and 401(k) pension plans.
Read the article
Article

Nondiscrimination testing: Minimum allocation gateway

A defined contribution (DC) plan can test on a benefits basis if it meets a certain criteria.
Read the article
RESOURCE GUIDE

401(k) compliance corrections

A guide to resolving common issues with defined contribution plan administration

Read the guide
Article

Is a cash balance plan right for my business?

Employers and owners continually look at different strategies to defer tax on income, provide benefits to key employees, and boost their retirement savings.

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Article

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.
Read the article
Section 4
SERVICES

Services related to Small Business Retirement Plan Solution

Defined benefit plan consulting

Meet your goals and business objectives in the face of constantly shifting markets and regulations.

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Defined benefit plan administration

Maximize the value of pension benefits to participants using our decades of experience, flexible software tools, and disciplined process.

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Defined contribution plan administration

Navigate the complicated maze of defined contribution administration to provide accurate recordkeeping, transparency, and compliance.

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Employee communications

Increase the effectiveness of employee communication using our creative, consultative approach and full-service capabilities.

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Section 5
PRODUCTS

Products related to Small Business Retirement Plan Solution

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.

Pension plan management
Defined benefits consulting

Milliman Frozen Plan Solutions

Bring your frozen corporate defined benefit plan from its current state to termination with Milliman’s consulting and modeling services.

Pension funding and FAS reporting tool
Pension funding & FAS reporting

Pension Performance Dashboard

See how movements in capital markets affect your pension plan's financial status, with real-time updates on projected funded status, and FAS expense.

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.

Section 6
Resources

Cash balance plans 101: Overview, advantages and disadvantages

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We’re here to help

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

Contact an expert

We’re here to help

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

Contact an expert
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