Milliman Releases Employee Benefits Tool Set

Milliman's (Seattle) Employee Benefits practice has released Power to Know, a proprietary set of tools designed to grant greater transparency and decision support plan sponsors and participants.

The Power to Know tools show includes a visual graphic that displays each participant in relation to his or her retirement goal, according to Milliman. The tool set also enables defined benefit plan sponsors to see their plan's funded status, both currently and in the future, through multiple tools designed specifically to create and monitor a liability-driven investment strategy, according to the vendor.

Power to Know will help plan participants Know whether they are prepared for retirement and Know how to take action, when necessary, the Milliman source claims. What the vendor calls "powerful personalized tools" are used within Power to Know to target the specific situation of each participant and provide help where it's needed. Participants can use managed account options, through which professionals will invest on their behalf from Morningstar Retirement Manager or a customized model portfolio strategy offering advantages that target date mutual funds cannot provide, according to Milliman

"Few providers can deliver to plan sponsors the depth and breadth of information that Milliman provides," says Janet McCune, a principal in Milliman's Dallas office. "For example, our clients know exactly what they are paying for our services because 100 percent of our client invoices show a reconciliation of revenue from all sources."

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio