Managing a successful 401(k) plan requires administration, compliance, recordkeeping, expense control, and communicating with plan members. The Milliman Co-op 401(k) Plan gives administrators the power of a client-centric technology model that streamlines data management, participant services, plan administration, and multi-plan reporting into one dynamic infrastructure resulting in high-quality, accurate recordkeeping services.
Daily services
Milliman's Co-op 401(k) Plan delivers top-notch recordkeeping services for daily activities, including:- Updating participant accounts with investment results and other trust activity
- Reconciling participant accounts with trust accounts
- Processing investment fund transfers and other activity
- Providing access to customer service representatives who can assist with plan sponsor inquiries
- Processing participant-initiated activities, including rollovers, age 70½ distributions, loan payoffs, investment transfers, direct transfers, payouts to terminated participants, in-service withdrawals, loan initiations, deferral rate changes, and qualified domestic relations orders (QDROs)
Monthly services
Each month, the Co-op 401(k) Plan team publishes the award-winning Update newsletter, which provides employee benefit news for the cooperative industry and features information on investing and retirement planning.The following monthly services are also performed for cooperative sponsors:
- Updating employee census information from data provided by plan sponsor
- Posting transaction records for contributions and participant loan payments
- Monitoring maximum contribution limits
Quarterly services
Every quarter, an investment advisor reviews the performance of the funds and reports this information to the Co-op 401(k) Plan Fiduciary Board. The online system also generates an employer-level management report that illustrates all plan transactions and generates clear, concise participant statements.Annual services
On an annual basis, Milliman provides a participation review with information concerning the operation of the plan, employee participation levels, asset allocation trends and more, and proactively makes recommendations for improvements. Plan administrators also receive:- Any required nondiscrimination testing for the plan
- Signature-ready Form 5500 series filing forms
- Trustee-prepared 1099-R forms for reporting distributions
Each year Milliman also recognizes plan sponsors who do an outstanding job of promoting and administering their plans with the Star Performer Award.
