Pension Plan Administration becomes more complex with each passing year and regulation.  Employers are under immense pressure to continually monitor the legal landscape to ensure that their plans are being administered appropriately.  In addition to the legal pressures, employees demand (and rightfully so) their calculations be performed with 100% accuracy.

Nyhart has a dedicated team of actuaries and defined benefit administrators to help alleviate the pressures of pension administration. No two plan sponsors want the same pension administration solution, and we have customized alternatives to fit your needs.

Complete outsourced defined benefit pension administration

Some plan sponsors want to have minimal involvement when it comes to administering their defined benefit pension plan.  Our outsourced pension administration solution can include any combination of the following:

• Maintain a call center allowing employees to call with plan-related questions
• Give employees a point of contact to initiate retirement distributions, change payment instructions, and/or change beneficiary information
• Calculate pension benefits
• Provide employees the necessary paperwork to begin pension benefit payments
• Interact with the plan’s trustee to help ensure benefits paid from the plan are accurate and timely
• Host a participant website providing dynamic benefit projections to help employees make informed retirement decisions
• Monitor changes in pension legislation and regulation and alert the plan sponsor of changes needed to ensure that the plan is being administered in compliance with all of the appropriate laws
• Maintain a database of inactive (retirees, beneficiaries, terminated vested) data
• Prepare annual benefit statements communicating the value of the pension plan to participants

Co-sourced defined benefit pension administration

Some plan sponsors want to maintain contact with the participants, but need help with the details of the administration.  Our co-sourced pension administration solution can include any combination of the following:

• Calculate pension benefits
• Provide employees the necessary paperwork to begin pension benefit payments
• Interact with HR to coordinate retirement plan distributions
• Monitor changes in pension legislation and regulation and alert the plan sponsor of changes needed to ensure that the plan is being administered in compliance with all of the appropriate laws
• Host a participant website providing dynamic benefit projections to help employees make informed retirement decisions
• Provide a web-based application for the plan sponsor to create benefit estimates for employees and access benefit related paperwork and benefit calculations

Personalized consultation from forward-thinking actuaries

As one of the nation’s largest independent actuarial and employee benefit firms, we can deliver a personalized pension administration system for your unique situation to help you achieve your financial and HR objectives. As both practitioners and consultants, we realize how critical it is that your employees’ benefits be administered properly.

Our consultants are fully accredited through a number of actuarial organizations.

Why Nyhart?

Our clients regularly recognize us for our responsiveness, level of service we provide, reliability of our calculation, our attention to details, and administration services. We serve as an independent voice to our clients with unbiased advice.  Our actions show that we are client-driven and we would make available any of our clients as references.

Dedicated teams, direct access

Each client at Nyhart has a dedicated team of actuaries, plan advisers and support staff. We provide you direct access to your team so your questions and issues can be handled confidentially by a team who knows your pension plan and can help resolve your issues.  In addition, if you choose to have Nyhart operate a call center, you will have a dedicated staff of employees who can answer any question a participant might have regarding your pension plan.

Ask Nyhart

Do you have an actuarial or benefit question or are interested in learning how Nyhart may be able to provide a long-term partnership to administer the pension 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.