After consolidating several defined contribution (DC) plans into two plans, one multidiscipline healthcare system hired Milliman to become each plan’s recordkeeper. During implementation meetings, the client expressed frustration that it was still experiencing historic data issues three years after merging the plans. To ensure the most accurate data possible was loaded to the Milliman system, the implementation team gathered data files from the prior recordkeeper, a census from the client, and historical payroll files for each employee group. The implementation team used these files to compile a full list of participants and then rebuilt each participant’s service history.
In the year following the conversion, the Milliman team worked with the client to tackle the immense project of fully auditing all participant data. This included verifying basic information like employment status and service history as well as more complex issues like vesting and deferral elections. After the audits were completed, the client was comfortable with relying on the Milliman system to track deferral election changes and withdrawal requests.