Alternate plan designs

Some multiemployer plans have changed their design to strengthen long-term viability while still providing members with lifelong pension benefits. We believe it is essential for trustees to understand the risks inherent in their plan design and to review ways a plan’s risk profile can be changed through plan design. For trustees looking to make a change, we identify the features of the plan that are most important to them and their plan members and assist them in finding the plan design that is right for them.

One alternate plan design that many trustees have considered and some have adopted is the Milliman Sustainable Income Plan™ (SIP). The SIP is a retirement plan design that combines the benefits of a defined benefit (DB) plan and a defined contribution (DC) plan. It balances the risks between plan sponsors and employees differently from the traditional defined benefit plan.

Insight

Multiemployer Pension Funding Study: Fall 2019

Multiemployer Alert: Segal Blend method still in question for withdrawal liability

Multiemployer Review: IRS expands determination letter program for retirement plans

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Multiemployer Review: Implementing a participant loan provision in a Taft-Hartley Defined Contribution Plan: What to consider

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Alternative pension strategies: Tackling the challenges of traditional plan designs

How a new design for employer schemes could help ease the pension burden

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Multiemployer pension plan redesign

Communicating the transition to a Milliman Sustainable Income Plan (SIP)

Milliman Sustainable Income Plan

Victor Harte

Kevin Campe

Kelly Coffing

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