Defined Benefit & Pension

Defined benefit plans have been the backbone of retirement plans for many generations. Nyhart has been advising corporations and governments since 1943 – helping them to ensure effective, long-term pension retirement benefits. Our team of actuaries, retirement benefit advisers and plan administrators is uniquely qualified to work with firms with all matters related to successfully creating and maintaining a defined benefit to your employees.

Recent investment asset performance, along with the uncertain legislative environment, has pushed defined benefit programs to become the minority benefit for many participants. Time has shown that these plans need to be managed very carefully, and Nyhart has created a number of tools in order to meet those goals.

Defined Benefit Evaluation and Plan Design

Nyhart provides custom, personalized defined benefit services including:

  • Pension plan design
  • Actuarial valuation services
  • Compliance testing and consulting
  • Projection of plan costs
  • Integrated defined benefit and defined contribution statements
  • Document preparation and filing

As one of the nation’s largest independent actuarial and employee benefit firms, our team of advisers deliver personalized analysis and recommendations. As both practitioners and consultants, our team can translate the results into common language that assists your executive team and investment committees to make sense of the impact and status of your retirement benefit projections and requirements.

Our consultants are fully accredited through the various actuarial organizations.

Need to shift from defined benefit to defined contribution plans?

We are also familiar with guiding clients through the process to discontinue a defined benefit plan or converting to a defined contribution plan such as a 401(k).

Defined Benefit Management Tools

Nyhart also provides a suite of tools we have developed for our clients that assists in the management of the pension plan. These products include:

  • Pension Financial Manager – An actuarial projection cost model calculator which provides “on the fly” results under an unlimited amount of scenarios. This tool allows plan sponsors to understand the sensitivity of actuarial costs to a variety of factors.
  • Pension Design Manager – A software tool which models different pension plan designs integrated with defined contribution plan design, and their impact on retirement income for individual participants. This tool allows plan sponsors to see the impact on changing formulas for different population segments.
  • Personalized Savings Manager – A tool that assists individual participants in determining how much to save for retirement when they have both a defined benefit (pension) and defined contribution plan (such as a 401(k)).

Why Nyhart?

Our clients regularly recognize us for the level of service we provide and the attention to detail, independent voice and reliability of our calculation and administration services. We are extremely client-driven.

Dedicated teams, direct access

Each client at Nyhart has a dedicated team of actuaries, plan advisers and administrators. We provide you direct access to your team so your questions and issues can be handled confidentially by a team who knows your defined benefit plan and can immediately help you resolve your issues.

Ask Nyhart

Do you have an actuarial question or are interested in learning how Nyhart may be able to provide the long-term partnership to design, manage and/or administer a defined benefit plan for your company or government agency? Please call us at (317) 845-3500 or email us at connect@nyhart.com today and we will be in touch quickly. We want to earn your business!