For companies that have already frozen their defined benefit plans, the next step may be to consider terminating the pension plan. Some companies want to get away from the balance sheet and annual cost volatility inherent in a defined benefit plan.

Plan termination is a time-consuming and complicated process for plan sponsors to undertake. Nyhart can help you through this process. We provide a variety of services and expertise to terminate a pension plan:

• Determine whether there is a plan termination funding shortfall
• Provide plan termination strategies to settling pension obligations
• Monitor funded status and progress toward the goal of terminating the plan
• Identify tasks that can be addressed now to reduce complexity of a future plan termination
• Provide a review of the plan to identify potential compliance problems
• Draft required or discretionary plan amendments
• Assist with the IRS Determination Letter filing
• Assist with the selection of an annuity provider
• Prepare PBGC filings and required participant notices
• Calculation of individual participant benefit amounts and payment form options
• Communicate information to plan participants
• Manage the termination process from beginning to end to ensure steps are completed accurately and within the allowed timeframes

Why Nyhart?

Nyhart has assisted in over 75 plan terminations.  We have the experience and expertise to make the plan termination project a success.  We can manage the process from beginning to end allowing you to focus on your business and your active employee benefit plans.

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 help you with terminating your defined benefit pension? 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!