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Deliver on the promises of the past and create smart solutions for the future.
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Manage complex risks using data-driven insights, advanced approaches, and deep industry experience.
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Data-driven insight. Deep expertise. Transformative innovation. Since 1947, Milliman has delivered intelligent solutions to improve health and financial security.
We see the way forward.
Milliman Frozen Plan Solutions
Managing a hard-frozen defined benefit plan can feel like being lost in uncharted territory — with no clear path to your destination, every move could be a wrong turn. Milliman has the tools and expertise to map the terrain and help you find your way to termination.
With a frozen plan, the barriers can feel impassable, halting you in your tracks. Between a lack of sufficient administrative infrastructure, incomplete data, and the risk of spiraling administrative costs and capital injections, it can seem impossible to know which challenge to solve first. Our holistic, systematic approach guides you around interrelated risk, time horizon, cash funding, and administrative hazards, bringing you closer to the seemingly unachievable goal of terminating your frozen plan.
No two frozen plans are alike. We find your path to termination by assessing six key aspects of your plan's readiness.
Ensure you have the infrastructure to handle the termination process, like education sessions, call centers, and even custom websites to provide quick access for participant questions and help. Coordination between all parties takes expert skills at project management, skills which Milliman can bring to the administration of your plan termination. We can support your team with our administrative software as a service, or you can fully outsource administration to Milliman.
Get a realistic assessment of your plan’s data and lay out a systematic approach to resolving issues and locating vital, missing information. With a host of required notices, calculations, and confirmations that occur before, during, and after plan termination, clean data is a direct path to a lower termination cost. If your data isn’t ready, Milliman can audit it and establish a process to collect what you need to terminate.
Target the right termination horizon based on the cash contribution level that best supports your budget. With most frozen plans underfunded, a cash contribution is often necessary to terminate, but knowing when and how much to infuse can be a challenge. Our interactive model can help you execute a disciplined cash contribution policy, and one that walks hand-in-hand with your asset allocation strategy toward plan termination.
Don’t let investment risk impact the time horizon for terminating your plan. Leverage Milliman’s expertise with asset allocation strategies to keep your financial and administrative progress in sync, knowing when your assets should shift to preserve progress and make advances. With an interactive model to show you where you are today versus where you need to be, you’ll avoid an “auto pilot” asset allocation that could prevent you from reaching your goal.
Easily track the funded status of your plan with innovative Milliman tools like FutureCost Online and Pension Performance Dashboard. Our projection tools monitor your plan on a daily, monthly, or quarterly basis, so when your plan is ready to terminate, you’ll know.
Thoughtful derisking is a key element to keeping a plan on track toward termination and reducing cost. Our expert consultants will work to reduce your plan size via options like lump sum windows, spin-and-terms, and annuity placements. We will identify optimal segments of the plan population to target for derisking, considering factors such as location, status, benefit size, service, and more.
Our consultants are innovating the way plans are terminated. Just one example: we’re using our IntelliScript data to identify groups for derisking and reduce the cost of plan termination. With Curv® by IntelliScript, we can help you selectively shed longevity risk and improve the liability profile of your plan — before you pass that crucial data to an insurance provider in the final step of a plan termination.
Let Milliman help you visualize and meet your end goal, moving beyond perpetual management.
Our sophisticated modeling will help you discern the best path for your organization’s risk tolerance, bigger financial picture, and desired time horizon, maximizing savings and minimizing risk.
Move forward with infrastructure and data improvements so they don’t hold you up later.
Milliman analysis: Funded status deficit grew to $299 billion at end of April.
The monthly Milliman Pension Buyout Index tracks the estimated cost of retiree pension risk transfer transactions.
Project pension assets and liabilities into the future to answer complex questions and make data-driven decisions.
Administer defined benefit and cash balance pension plans with one of the industry's leading retirement planning and communication tools.
Monitor pension plan volatility by the day to make rapid decisions about derisking and take advantage of market shifts.
See how movements in capital markets affect your pension plan's financial status, with real-time updates on projected funded status, and FAS expense.
Empower your retirement plan to achieve your business objectives through our state-of-the-art outsourcing services combined with leading-edge financial wellness education.
Ask the tough questions. We’re ready for them.