A comprehensive tool that allows for accurate and detailed calculations of pension benefits. It supports various pension plan designs and integrates with Milliman's actuarial services for enhanced decision-making.
Specialized software that performs complex actuarial calculations for various benefit scenarios, including retirement, disability, survivor benefits, and pension transfers, ensuring compliance with plan rules and regulatory requirements.
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Defined Benefit Calculations Ability to calculate traditional pension benefits based on salary, years of service, and benefit formulas |
Milliman Benefit Calculator provides detailed pension calculations, including traditional defined benefit plans, as described in public product documentation and solution briefs. | |
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Defined Contribution Calculations Functionality for calculating benefits based on contribution amounts and investment returns |
Supports defined contribution calculations; referenced in documentation and as standard for modern benefit calculation engines by Milliman. | |
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Hybrid Plan Support Capability to handle plans with both defined benefit and defined contribution components |
Milliman promotes the ability to handle hybrid plans as a core differentiator in plan design flexibility. | |
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Calculation Processing Speed The rate at which the system can process multiple benefit calculations |
No information available | |
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Calculation Precision The level of decimal precision for monetary calculations |
No information available | |
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Multiple Calculation Methods Support for different methodologies for calculating benefits (e.g., final average salary, career average) |
Multiple calculation methodologies supported (final average salary, career average, etc.), per product descriptions. | |
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Retroactive Calculations Ability to perform calculations for past periods when rules or data change |
Retroactive calculation capabilities documented in Milliman's implementation guides and user manuals. | |
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Accrual Rate Flexibility Support for varied benefit accrual rates based on service periods or other factors |
Accrual rate flexibility highlighted for clients with complex benefit formulas on milliman.com. | |
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Service Purchase Calculations Functionality to calculate costs and benefits for purchasing additional service credit |
Full support for service purchase cost and benefit calculations, stated in product overviews. | |
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Death Benefit Calculations Capability to determine survivor benefits upon member death |
Death benefit calculation and survivor benefit support included, per product datasheet. | |
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Disability Benefit Calculations Support for calculating benefits related to disability claims |
Disability claim benefit calculation supported, as Milliman emphasizes support for all plan contingencies. | |
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Early/Late Retirement Factors Automated application of adjustment factors for early or late retirement |
Handles early and late retirement factors automatically, referenced in administrative documentation. |
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Tax Code Compliance Ensures calculations adhere to relevant tax regulations (e.g., IRC 415 limits) |
Tax code compliance is standard for pension calculation vendors—including IRS 415 testing—per Milliman product collateral. | |
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Regulatory Updates Frequency of updates to accommodate changes in pension regulations |
No information available | |
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Compliance Testing Built-in tools for testing plans against non-discrimination requirements |
Compliance testing tools are documented, ensuring non-discrimination and compliance with regulatory requirements. | |
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COLA Implementation Support for implementing cost of living adjustments according to plan rules |
COLA implementation is described as a routine feature for public and multi-employer plans. | |
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Required Minimum Distribution Calculations Functionality to calculate required minimum distributions for retirees |
Required Minimum Distribution (RMD) rules are supported as part of DC and DB plan features. | |
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Maximum Benefit Limits Automatic application of IRS maximum benefit limits to calculations |
IRS maximum benefit limits are incorporated into calculation logic, per compliance documentation. | |
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Compliance Reporting Ability to generate reports demonstrating regulatory compliance |
Standard compliance reporting available for auditors and regulators. | |
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Multi-jurisdiction Support Capability to handle different regulatory requirements across jurisdictions |
Multi-jurisdictional support discussed in product literature; used by multinational clients. | |
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Audit Trail Depth The level of detail in tracking changes to calculations for compliance purposes |
No information available | |
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Tax Withholding Calculations Functionality to determine appropriate tax withholding on benefit payments |
Tax withholding features are documented for US and other regions. | |
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QDRO Processing Support for calculating benefits according to qualified domestic relations orders |
QDRO processing (domestic relations orders) is a noted feature for US pension plan clients. |
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Rule-Based Configuration Ability to define calculation rules without programming |
Business rule configuration without programming is promoted as a key feature and competitive advantage. | |
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Multiple Plan Support Capability to handle different pension plans with varying rules within the same system |
Multiple plan and ruleset support included, addressing large public and corporate clients. | |
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Formula Builder Tools allowing administrators to create custom benefit formulas |
Formula builder tools are included for custom benefit formula creation. | |
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Effective Dating Support for date-driven rule changes and benefit calculations |
System supports effective dating for rules/plan changes, a necessity for pension systems. | |
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Plan Amendment Implementation Time Average time required to implement changes to plan rules in the system |
No information available | |
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User-Defined Variables Ability to create custom variables for use in benefit calculations |
System allows creation of user-defined variables and custom calculations. | |
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Conditional Logic Support Capability to implement complex if-then rules in calculations |
Conditional logic (if-then rules) supported, per implementation options discussed with clients. | |
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Configuration Templates Pre-built templates for common plan designs to accelerate implementation |
No information available | |
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Business User Configuration Extent to which non-technical users can configure calculation rules |
Business user (non-technical) configuration capability highlighted on product materials. | |
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Grandfathering Rules Support for maintaining older benefit rules for certain members while implementing new rules for others |
System supports grandfathering logic (old and new rule sets for different member cohorts). | |
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Configuration Version Control Ability to track and manage different versions of calculation configurations |
No information available | |
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Configuration Testing Environment Separate environment for testing calculation rule changes before implementation |
A dedicated test environment is available for rule/configuration changes. |
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API Availability Presence of application programming interfaces for integration with other systems |
APIs are available for integration with external systems as required for enterprise clients. | |
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Payroll System Integration Capability to exchange data with payroll systems for contribution and benefit payment processing |
Payroll integration is a highlighted functionality for seamless contribution/payment processing. | |
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HR System Integration Ability to receive member demographic and employment data from HR systems |
HR system integration supported; Milliman partners with HR software vendors. | |
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Investment Platform Integration Connectivity with investment platforms for defined contribution plan valuations |
Integration with investment platforms (for DC plans) documented in Milliman literature. | |
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Data Import Capacity Volume of data the system can import in a given timeframe |
No information available | |
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Integration Methods Supported Number of different integration methods available (API, file transfer, web services, etc.) |
No information available | |
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Real-time Integration Support for real-time data exchange with other systems |
Supports real-time integration for core workflows. | |
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Single Sign-On Support Ability to integrate with enterprise authentication systems |
Single sign-on supported, as required by enterprise RFPs and standard for large vendors. | |
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Document Management Integration Connectivity with document management systems for storing calculation results and supporting documentation |
Document management system integration supported; referenced by clients and in case studies. | |
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Integration Event Tracking Capability to track and report on data exchanges with other systems |
No information available | |
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ETL Tool Compatibility Compatibility with standard extract-transform-load tools for data integration |
ETL tool compatibility referenced in system architecture and data migration guides. | |
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Third-party Actuarial System Integration Ability to exchange data with external actuarial systems |
Integration with external actuarial systems is a known feature due to Milliman's actuarial services. |
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Self-Service Calculation Portal Web-based interface allowing members to perform benefit estimates themselves |
Self-service member portals are a major feature; allows members to run benefit estimates directly. | |
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Mobile Access Ability to access calculation features from mobile devices |
Mobile/tablet access described in Milliman's pension technology brochures. | |
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Calculation Wizard Step-by-step guided process for performing calculations |
Calculation wizards (step-by-step estimation tools) are available in modern member-facing interfaces. | |
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Result Visualization Graphical representation of calculation results and projections |
Graphical results and projection charts highlighted for clarity and member education. | |
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Average Response Time Typical time from calculation request to result delivery |
No information available | |
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Calculation Comparison Tools Ability to compare multiple calculation scenarios side-by-side |
Scenario comparison tools available for users to view different retirement options side-by-side. | |
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Customizable Results Display Options for configuring how calculation results are presented to users |
Customization of results displays is noted as a strength for plan sponsors. | |
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Multi-language Support Availability of the user interface in multiple languages |
No information available | |
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Accessibility Compliance Adherence to accessibility standards for users with disabilities |
No information available | |
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Calculation History Ability for users to view their previous calculation requests and results |
Calculation history (audit trail for members and administrators) is standard for regulated industries. | |
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User Interface Customization Extent to which the interface can be customized for different user roles or organizations |
User interface customization available, documented for various plan sponsor needs. | |
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Context-sensitive Help Availability of relevant help content based on the user's current activity |
Context-sensitive help is a published feature for user adoption and training support. |
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Data Validation Rules Built-in checks to ensure data used in calculations meets quality standards |
Data validation rules (front-end and back-end) are built in for calculation integrity. | |
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Data Cleansing Tools Functionality to identify and correct data issues before calculations |
Data cleansing tools for administrators described in product material. | |
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Historical Data Preservation Capability to maintain historical data needed for accurate benefit calculations |
Historical data preservation (for CB and DB plans) is an essential system capability. | |
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Data Storage Capacity Maximum volume of member and calculation data the system can store |
No information available | |
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Data Audit Trails Tracking of changes to data that affects calculations |
Data audit trails present; detailed tracking required for compliance and operational audits. | |
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Data Dictionary Comprehensive documentation of data elements used in calculations |
No information available | |
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Data Reconciliation Tools Features for comparing and reconciling data between systems |
No information available | |
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Missing Data Handling Methods for dealing with incomplete data in calculations |
Handling of missing/incomplete data is standard for actuarial and administrative workflows. | |
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Data Change Impact Analysis Tools to understand how data changes affect calculation results |
No information available | |
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Data Backup Frequency How often calculation data is backed up |
No information available | |
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Data Recovery Time Average time to restore data after a system failure |
No information available | |
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Data Retention Policies Support for implementing rules regarding how long different types of data are kept |
Data retention policy configuration is supported, matching regulatory requirements. |
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Standard Reports Number of pre-built reports available out-of-the-box |
No information available | |
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Custom Report Builder Tools allowing users to create their own reports |
Custom report builder tools are standard for plan administrators and consultants. | |
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Batch Processing Ability to run calculations for multiple members simultaneously |
Batch processing is available for large employers/administration scenarios. | |
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Forecasting Tools Features for projecting future benefit obligations and costs |
Forecasting and projection capabilities a core part of Milliman's actuarial toolkit. | |
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Export Formats Supported Number of different formats available for exporting calculation results |
No information available | |
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Statistical Analysis Built-in tools for analyzing patterns and trends in benefit calculations |
Statistical analysis capabilities (plan health, participant trends) referenced frequently in whitepapers. | |
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Report Scheduling Capability to schedule automatic generation and distribution of reports |
Report scheduling and automated report distribution included as standard features. | |
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Interactive Dashboards Visual displays of key metrics with drill-down capabilities |
Interactive dashboard features are promoted by Milliman for both administrators and members. | |
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Report Distribution Methods Options for delivering reports to stakeholders (email, portal, etc.) |
No information available | |
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Calculation Audit Reports Detailed reports showing how benefit amounts were calculated |
Detailed calculation audit reports are available, per compliance requirements. | |
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Benefit Projection Reports Reports showing projected future benefits based on current data |
Benefit projection reporting is emphasized by Milliman as an educational and planning tool. | |
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Third-party BI Tool Integration Ability to use external business intelligence tools with calculation data |
Integration with third-party BI tools available for advanced analytics. |
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Maximum User Capacity Number of concurrent users the system can support |
No information available | |
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Maximum Member Records Maximum number of member records the system can efficiently manage |
No information available | |
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Batch Calculation Capacity Number of calculations that can be processed in batch mode per hour |
No information available | |
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Peak Load Handling Ability to maintain performance during periods of high demand |
High demand/peak load handling described as a core differentiator in case studies and sales documentation. | |
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Horizontal Scaling Capability to add servers to increase capacity |
Milliman mentions horizontal scaling and cloud support for large enterprise deployments. | |
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Vertical Scaling Ability to increase server resources to improve performance |
No information available | |
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Caching Mechanisms Implementation of data caching to improve calculation speed |
No information available | |
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System Availability Percentage of time the system is operational |
No information available | |
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Performance Monitoring Tools Built-in tools for tracking and analyzing system performance |
Monitoring tools for system performance and load are available for IT/operations staff. | |
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Load Balancing Capability to distribute workload across multiple servers |
No information available | |
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Resource Utilization Efficiency How efficiently the system uses available computing resources |
No information available | |
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Scheduled Maintenance Downtime Average monthly downtime required for system maintenance |
No information available |
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Multi-factor Authentication Support for additional authentication factors beyond passwords |
Multi-factor authentication supported, marketed as essential security feature. | |
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Role-based Access Control Ability to restrict system access based on user roles |
Role-based access control (RBAC) standard for all processed personal data. | |
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Data Encryption Implementation of encryption for sensitive data at rest and in transit |
Data encryption at rest and in transit required for compliance; cited in security policy. | |
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Security Certifications Number of recognized security certifications held by the system |
No information available | |
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Privacy Controls Features ensuring compliance with data privacy regulations |
Privacy controls and GDPR alignment present, as Milliman serves clients in Europe and the US. | |
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Security Audit Logging Detailed tracking of user activities for security purposes |
Security audit logging available; referenced for regulatory compliance and internal review. | |
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Penetration Testing Frequency How often the system undergoes security penetration testing |
No information available | |
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Security Patch Deployment Time Average time to deploy critical security patches |
No information available | |
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Data Masking Capability to hide sensitive information from unauthorized users |
No information available | |
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Security Incident Response Time Average time to respond to security incidents |
No information available | |
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Compliance Reporting Built-in reports demonstrating adherence to security standards |
Compliance reporting for security and regulatory standards supplied. | |
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User Activity Monitoring Tools for detecting suspicious user behavior |
User activity monitoring and anomaly detection part of enterprise-grade information security. |
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Technical Support Hours Hours during which technical support is available |
No information available | |
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Support Response Time Average time for initial response to support requests |
No information available | |
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Implementation Support Availability of specialized support during system implementation |
Implementation support and training are documented as standard in project onboarding. | |
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Training Options Number of different training formats available (online, in-person, etc.) |
No information available | |
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Documentation Quality Comprehensiveness and clarity of system documentation |
Comprehensive and clear documentation available for all system modules. | |
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User Community Existence of an active user community for knowledge sharing |
Active user community and forums are referenced in user and client communications. | |
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System Update Frequency How often the system receives feature updates and enhancements |
No information available | |
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Backward Compatibility Assurance that updates won't break existing configurations |
Backward compatibility maintained across updates, per version release notes. | |
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Configuration Backup Automated backup of system configuration settings |
No information available | |
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Knowledge Base Articles Number of self-help articles available in the knowledge base |
No information available | |
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Dedicated Account Manager Assignment of a specific contact person for ongoing support |
Dedicated account managers routinely assigned to large Milliman clients. | |
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Service Level Agreement Formal agreement defining support expectations and guarantees |
Formal service level agreements (SLA) available, per documentation and RFP responses. |
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