Milliman today announced it has added the International Brotherhood of Electrical Workers (IBEW) Local Unions Savings and Security Plan as a defined contribution client. The multiemployer plan includes more than 30 locals of the IBEW primarily in the Telecommunications Department. The plan has more than $650 million in assets, with participants in 48 states.
“Milliman was chosen due to their flexible recordkeeping platform and understanding of the plan’s unique structure,” says Julie Permutt, Division Vice President of Scarborough Alliance Group, the plan administrator and investment advisor. “Milliman has experience administering multiemployer plans and provides our office the support and assistance to bring the best retirement plan and service to the members that we serve.”
Milliman will provide recordkeeping and compliance services for the IBEW Local Unions Savings and Security Plan.
We are pleased that our flexible service model and multiemployer plan expertise was fully demonstrated during the process of finding a new recordkeeping platform for the plan. We look forward to a longstanding relationship with both the IBEW’s members and Scarborough Alliance Group.