What are some benefits of a Milliman 401K?


Quick Answer

As of 2016, Milliman provides its 401(k) holders with continuous online access to account transactions and information, local phone representatives, and customized advice using the Morningstar Retirement Manager, according to its website. Milliman offers retirement planning services such as newsletters, interactive Web tools, educational meetings and financial calculators. Participants receive particular recommendations designed to optimize their individual retirement plans.

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Full Answer

Milliman does not enter partnerships with investment managers or mutual fund companies, so its services remain targeted toward investors and their employers, explains its website. The company views its services as those of an independent contractor, rather than a corporate financial institution. Milliman avoids any conflict of interest by foregoing profits from its assets, and it does not target participants with retail offers. Milliman offers consulting, administrative and recordkeeping services to private, nonprofit and public companies. Participants can sign up online, and then use custom tools to make transactions and view account summaries.

The Milliman 401(k) is part of a defined contribution plan that includes a profit-sharing feature, according to BrightScope. The retirement plan has over $933 million in assets, and more than 3,400 participants. Milliman's participation rate is above average, and it offers some of the lowest fees among all comparable plans. BrightScope places Milliman in the top 15 percent for salary deferral, company generosity, total plan cost and account balances.

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