Defined benefit consulting

Milliman helps trustees stay up to date and on track to meet their funding goals and objectives in the face of constantly shifting demographics, markets, and regulations.

Our defined benefit (DB) plan services come with a proven track record of the highest quality work and successful client relationships. Our approach is to gain a thorough understanding of clients’ needs in order to help them develop unique goals for their retirement plan. To reach those objectives, we bring in a dedicated team of actuaries, regulatory compliance experts and plan-design specialists who partner with the other plan professionals to respond timely and completely to the trustees’ needs and challenges.

One critical component of our work is proactively monitoring industry- specific, macroeconomic, and regulatory environments for any changes that could have an impact on a plan. We regularly review plan projections to discuss challenges that could arise, keeping trustees up to date and allowing them the lead time to take proactive action as they determine is necessary.

Our services include:

• Forecasting each plan’s financial needs using state-of-the-art modeling techniques and software.
• Assisting trustees with maintaining or improving their funded status, including the development and maintenance of any funding improvement or rehabilitation plan.
• Assessing and reviewing plan risks with trustees and discussing ways those risks can be managed.
• Assisting trustees in meeting IRS reporting requirements.
• Communicating plan details to trustees and members using concise, comprehensible language, visual representations, and real-world examples.