Defined Benefit Plan Administration
A Fortune 500 energy services company sponsored multiple defined benefit plans that were frozen to new participants as well as future participant accruals. The plan sponsor noted an increasing number of quality issues associated with participant estimate requests.
The plan sponsor suspected the administrator’s focus on calculation automation and the turnover in the service center as potential causes of many of the issues. The plan sponsor decided to look for alternatives to the traditional defined benefit outsourcing model which focuses on web self-service and banks of high-volume call-center representatives.