Tag Archives: recordkeeping

Milliman Adds Morningstar Advisor Managed Accounts to Retirement Administration Services

Milliman announced that it has added Morningstar advisor managed accounts to its retirement plan administration services. Advisor managed accounts allows a plan’s registered investment adviser (RIA) to create personalized investment portfolios for participants through Morningstar Investment Management LLC’s technology platform. Milliman has integrated the platform into its recordkeeping system using single-sign-on for a seamless participant experience and will brand it for the respective RIA firm.

We are pleased to be one of the first recordkeepers to add this new service offering. With advisor managed accounts, plan sponsors and participants gain access to personalized investment advice, while RIAs gain a broader platform to deliver individual service directly to participants. Our goal is to help participants achieve healthier financial outcomes, and this service adds another layer of support to help them do just that.

CAPTRUST Financial Advisors is one of the first RIAs to use the new platform, and is partnering with Milliman to introduce the new service to their joint clients. CAPTRUST has branded their version of advisor managed accounts as “Blueprint Managed Advice”.

“We’re excited to offer our managed account program, Blueprint Managed Advice, to our Milliman clients. Delivering personalized, one-on-one advice to participants is a core part of what we do at CAPTRUST and we look forward to working with Milliman to improve the retirement readiness and financial wellbeing of our shared participants,” said Jennifer Doss, Director and Defined Contribution Practice Leader, CAPTRUST.

“The beauty of advisor managed accounts is it was designed to allow RIAs to offer a managed accounts service across different recordkeepers with consistency and without the technology build out,” added Brock Johnson, President, Global Retirement & Workplace Solutions, Morningstar Investment Management LLC. “The addition of Milliman to our recordkeeping network is significant as it allows advisors to scale their retirement books of business across more plans— and in turn help more participants save for the retirement they want.”

Milliman adds IBEW Local 405 as a retirement services client

Milliman has announced it has added the IBEW Local 405 Deferred Savings Plan as a defined contribution client. The plan includes 900 participants and $184 million in assets.

“We chose Milliman based on recommendations from other unions as well as our consultants,“ says Bill Hanes, Business Manager and Trustee. “Milliman’s reputation among labor unions and our peers in the industry is very good.”

Milliman will provide recordkeeping, communications, and ERISA consulting services for the plan.

We are excited to work with the IBEW Local 405. The trustees valued our independence and transparency, but it was also important that our viewpoints aligned regarding how to best serve the needs of their members. Our philosophies were consistent.

For information on Milliman’s employee benefit services, click here.

Milliman adds Ironworkers Local 8 as a retirement services client

Milliman today announced it has added the Wisconsin Ironworkers Union Individual Account Retirement Fund as a defined contribution client. The plan includes over 3,300 participants and $215 million in assets.

“We had a retirement plan that was valued once a month and the Board of Trustees wanted to move it to daily valuation to allow the members of Local 8 to better plan for their retirement,” says Tony Mayrhofer, Business Manager and Trustee. “We selected Milliman for their extensive experience converting plans like ours from balance-forward to daily valuation, with participant-direction, without having to change the unique investment structure that we had in place. Our members are very pleased with the change and can now view their accounts at any time. I couldn’t be happier with the program that we now have in place.”

Milliman will provide recordkeeping, communications, and ERISA consulting services for the plan.

We are grateful the Board of Trustees chose Milliman for their retirement needs. The trustees and staff at Local 8 are great to work with and it really was a nice collaborative effort with the other fund professionals in making the transition successful.

For information on Milliman’s employee benefit services, click here.

Defined contribution audit improves data quality

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.

To learn more, read the case study “Large client data audit” by Milliman’s Elizabeth Dey and Tyler Thornton.

Milliman adds Timber Operators Council – Woodworkers, IAM Defined Contribution Plan and Trust as a retirement services client

Milliman today announced it has added the Timber Operators Council – Woodworkers, IAM Defined Contribution Plan and Trust as a defined contribution client. The plan includes over 4,300 participants and $150 million in assets.

“We chose Milliman because of its flexibility and ability to undertake many of the administrative tasks associated with the plan,” says Rodger Glos, cochairman of the board of trustees. Noel Willet, who also cochairs the board, adds, “Bringing the plan into a daily valuation environment will be of great benefit to both the participants and our administrator.”

Milliman will provide recordkeeping and compliance services for the plan.

We felt the Timber Operators Council would be a great client from our first meeting—they were collaborative and interested in the details commonly overlooked during the interview process. We are grateful for their vision and the trust they have placed in Milliman to operate their plan. Further, it’s a plan with some unique complexities, and our team did a great job demonstrating how to problem-solve and transition their plan.

For information on Milliman’s employee benefit services, click here.