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Retirement Benefits
Higher education institutions face a host of challenges when managing retirement plans: volatile securities markets, 76 million baby boomers nearing retirement age, longer life spans, and shifting workforce characteristics, among others. In such an environment, you need sophisticated analytical tools to administer a cost-effective retirement plan and provide competitive benefits to employees.
Sibson Consulting provides higher education institutions with the highest level of expertise to cope with these emerging developments through the strategic design, funding, and monitoring of pension and related deferred-compensation plans. Our approach takes into account the changes in the pension industry, including changes in financial markets, product developments, legislative and regulatory requirements, and increasing fiduciary responsibilities.
Our consultants can assist in a wide range of services relating to both defined benefit and defined contribution plans:
- Defined contribution plan design and assessment, including our DC-Assessment service
- Plan design of tax qualified plans under IRS Code Sections 403(b), 401(a), 401(k), 457 for governmental, public institutions, 457(b) for private institutions, 457(f) deferred compensation plans, and 409A executive compensation plans
- Review of documents, SPDs, benefit statements, disclosures and notices for legislative and regulatory compliance
- Administrative review of business practices, functions and outsourcing capabilities
- Defined contribution plan recordkeeping vendor searches and monitoring, along with access to investment management consulting services through Segal Advisors, Inc., our SEC-registered investment consulting affiliate
- Defined benefit and retirement plan valuation audits
- Plan design of 401(a) defined benefit formulas, cash balance hybrid plans, and defined benefit actuarial services, including review of defined benefit funding requirements, options and related governmental certifications
- Calculations and disclosures under accounting regulations
- Asset/liability modeling and related projections
- Post-retirement medical plan valuations (FAS 106) and related plan design/cost modeling
