Milliman | Jotup

National Institute on Retirement Security Submits Research Issue Brief to U.S. Senate HELP Committee with Policy Options for Boosting Private-Sector Pension Coverage

Retrieved on:

Mittwoch, Mai 8, 2024

Congress, Retirement, HELP, Education, NIRS, Private, Policy, Research, Pension Benefit Guaranty Corporation, Senate, Labour, PBGC, Committee, Multimedia, Milliman, Private sector, Longevity, DB, Life insurance

WASHINGTON, D.C., May 8, 2024 /PRNewswire/ -- In response to a request for information issued by the U.S. Senate Health, Education, Labor, and Pensions (HELP) Committee, the National Institute on Retirement Security (NIRS) today submitted a research issue brief with six policy recommendations to help expand defined benefit (DB) pension coverage for private-sector employees.

Key Points:

Register for a webinar today, Wednesday, May 8, 2024, at 2:00 PM ET for a review of the research with the report authors.
First, private-sector pension plans should provide an avenue for retirement adequacy for the large majority of Americans lacking pensions regardless of their demographic profile and income.
Earlier this year, Doonan testified before the Senate HELP Committee about the scope of the retirement savings shortfall.
He said the move away from pensions is a major culprit in the nation's retirement crisis and serious policy discussions about rebuilding retirement security must include increasing pension coverage.

Milliman analysis: Competitive pension risk transfer costs decreases from 102.1% to 100.3% in March

Retrieved on:

Freitag, April 26, 2024

Consulting, Personal Finance, Accounting, Professional Services, Labor, Asset Management, Data Analytics, Public Policy, Government, Insurance, Human Resources, Finance, PRT, Milliman, Index, News

Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI).

Key Points:

Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI).
As the pension risk transfer (PRT) market continues to grow, it has become increasingly important to monitor the annuity market for plan sponsors that are considering transferring retiree pension obligations to an insurer.
During March, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process decreased from 102.1% of a plan’s accounting liabilities (accumulated benefit obligation, or ABO) to 100.3% of those liabilities.
The competitive bidding process is estimated to save plan sponsors about 2.3% of PRT costs as of March 31.

Milliman annual Corporate Pension Funding Study: Expected return on PFS assets assumption increases for first time in study history

Retrieved on:

Mittwoch, April 24, 2024

Professional Services, Data Analytics, Human Resources, Finance, Consulting, Accounting, PFS, FY, Retirement, Milliman, Health, IBM

Key findings for our 2024 annual study include:

Key Points:

Key findings for our 2024 annual study include:
The PFS funded percentage decreased slightly from 99.4% to 98.5%, primarily due to a 17-basis point decline in discount rates during 2023.
Nearly half (48) of the plans in our study are funded at 100% or greater; no plans in our study are funded below 75%.
The average investment return on assets was 7.2%, higher than the average expected assumption of 6.4%.
This is still well below the average expected rate of return assumption of 9.4% back in FY2000.

Milliman analysis: Public pension funded ratio rises to 79.7% in March, reaching highest mark in two years

Retrieved on:

Freitag, April 19, 2024

Professional Services, Data Analytics, Human Resources, Finance, Asset Management, Consulting, Milliman, Overalls

A second consecutive month of overall positive market performance in March increased the Milliman 100 PPFI funded ratio from 78.6% at the end of February to 79.7% as of March 31.

Key Points:

A second consecutive month of overall positive market performance in March increased the Milliman 100 PPFI funded ratio from 78.6% at the end of February to 79.7% as of March 31.
This marks the highest level since March 31, 2022, when the funded status stood at 82.7%.
The deficit between estimated plan assets and liabilities decreased by $62 billion, reaching $1.271 trillion as of March 31.
“At the other end of the spectrum, 15 plans remain below 60% funded, the same number as last month.”
For more information, and to view the full Milliman 100 Public Pension Funding Index, go to http://www.milliman.com/ppfi/ .

AM Best to Participate in Emerging Regulatory Issues Panel Discussion at CIRCA ReConnect Conference

Retrieved on:

Montag, April 15, 2024

Insurance, Professional Services, Education, CIMA, Cayman Islands, News, The Ritz-Carlton Hotel Company, AM Best, Conference, Cayman Islands Monetary Authority, CIRCA, Mazur, Milliman, Conyers, Georgia, ALL

AM Best Managing Director Brad Mazur will participate in a panel discussion on emerging regulatory issues during the upcoming Cayman International Reinsurance Companies Association’s (CIRCA) ReConnect Conference.

Key Points:

AM Best Managing Director Brad Mazur will participate in a panel discussion on emerging regulatory issues during the upcoming Cayman International Reinsurance Companies Association’s (CIRCA) ReConnect Conference.
He served in various senior level roles in the financial services industry before joining AM Best in 2016.
To view the official agenda and learn more about the CIRCA ReConnect Conference, please visit the event overview .
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

New Study Finds Continuing Pervasive Disparities in Access to In-Network Mental Health and Substance Use Disorder Treatment

Retrieved on:

Mittwoch, April 17, 2024

Parity, American Psychiatric Association, National Alliance, Research, Quality, RTI International, National Association, Patient, Mental health, Physician, Milliman, American Psychological Association, Research institute, HRSA, RTI, Health insurance

RESEARCH TRIANGLE PARK, N.C., April 17, 2024 /PRNewswire/ -- A new study by health economists at nonprofit research institute RTI International adds to recent research demonstrating a lack of access to affordable mental health and substance use disorder treatment in the U.S.

Key Points:

Notably, physician assistants were reimbursed for office visits at an average amount 19% higher than psychiatrists and 23% higher than psychologists.
"Our findings echo recent surveys and secret shopper studies that show much greater dissatisfaction with, and lower access to, behavioral health providers than medical/surgical providers."
"RTI concluded that high out-of-network use for mental health and substance use treatment cannot be explained by a shortage of behavioral health providers," said Henry Harbin, M.D., senior advisor to The Bowman Family Foundation.
The report was commissioned by the Mental Health Treatment and Research Institute, a tax-exempt subsidiary of The Bowman Family Foundation.

Milliman analysis: Corporate pension funded status rises to 105.6% at end of March

Retrieved on:

Donnerstag, April 4, 2024

Professional Services, Insurance, Finance, Asset Management, Consulting, Accounting, PFI, Milliman, Fed, Pension fund

Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Milliman 100 Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans.

Key Points:

Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Milliman 100 Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans.
During March, the Milliman 100 PFI funded ratio rose from 105.3% at the end of February to 105.6% as of March 31.
“Pension funded status improved for all three months of the first quarter, and strong market returns helped to offset the effect of March’s discount rate declines,” said Zorast Wadia, author of the PFI.
The 2024 Milliman Corporate Pension Funding Study will be released later this month.

Milliman named “Best in Class” defined contribution recordkeeper

Retrieved on:

Montag, April 1, 2024

Milliman, Inc., one of the premier actuarial, consulting, and benefits administration firms, is pleased to announce that it has been recognized by PLANSPONSOR as a 2024 Best in Class defined contribution (DC) recordkeeper.

Key Points:

Milliman, Inc., one of the premier actuarial, consulting, and benefits administration firms, is pleased to announce that it has been recognized by PLANSPONSOR as a 2024 Best in Class defined contribution (DC) recordkeeper.
Milliman ranked first in the $200mm–$1B plan asset size and third in the $50mm–$200mm plan asset size categories.
In the large market category, Milliman ranked first in sponsor services and support, plan administration, and investments and fees.
That’s why it’s humbling when our clients ‒ the very people we serve ‒ recognize our excellent work in DC administration,” Kari Jakobe, a Milliman principal and DC administration leader, said.

Milliman analysis: Public pension funded ratio rises to 78.6% in February, highest recorded level since May 2022

Retrieved on:

Freitag, März 22, 2024

Professional Services, Data Analytics, Human Resources, Finance, Asset Management, Consulting, Milliman

Milliman, Inc., a premier global consulting and actuarial firm, today released the latest results of its Public Pension Funding Index (PPFI), which analyzes data from the nation’s 100 largest public defined benefit plans.

Key Points:

Milliman, Inc., a premier global consulting and actuarial firm, today released the latest results of its Public Pension Funding Index (PPFI), which analyzes data from the nation’s 100 largest public defined benefit plans.
During this leap-year February, the Milliman 100 PPFI funded ratio improved from 77.7% at the end of January to 78.6% as of February 29, 2024.
After static investment performance the previous month, the PPFI plans returned an estimated 1.7% in aggregate for February.
Meanwhile, the gap between assets and liabilities shrank by $56 billion, to $1.333 trillion as of February 29.

Milliman awards 20 Opportunity Scholarships in program’s seventh year

Retrieved on:

Donnerstag, März 21, 2024

Software, Data Analytics, Finance, Consulting, Data Management, Accounting, Professional Services, Technology, University, Milliman, Data science, University of Waterloo, Student, Statistics, Mathematics, Economics

Milliman, Inc., a premier global consulting and actuarial firm, is pleased to announce the 2023 recipients of its Opportunity Scholarship program.

Key Points:

Milliman, Inc., a premier global consulting and actuarial firm, is pleased to announce the 2023 recipients of its Opportunity Scholarship program.
Since 2017, its inaugural year, Milliman has awarded 126 scholarships.
“Milliman is honored to help these exceptional students meet their educational goals,” said Milliman CEO Dermot Corry.
“Our Opportunity Scholarship awards reduce the financial challenges students face and help them focus on building a foundation for a successful career.