Defined benefit (DB) pension plans offer a number of advantages over other types of retirement savings programs, especially in terms of providing retirement security for employees. But DB plans also require complexities and related costs that many plan sponsors today find difficult to maintain. Even freezing or closing the plan is not easy.
There are strategic actions that can lower costs today and smooth planned transitions tomorrow.The basic concept is this:
Sibson Consulting refers to this process as the Journey.
Being prepared to take appropriate actions at the most opportune time is crucial to minimizing risk and controlling costs. These actions include:
Sibson’s approach starts with an initial review and assessment of a DB plan’s current circumstances to identify its location on the Journey. We then engage with you to determine the preferred end-point and to develop an action plan towards that destination with specific measurements for success along the way.
To learn more about Sibson’s approach to Journey Consulting for DB pension plans, download our brochure.
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