Milliman Employee Benefits Asia

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3 Extensive knowledge, objective analysis and practical strategies for the issues at the forefront of employee benefits. With evolving workforce needs, rising costs and a complex regulatory environment, employers find maintaining an attractive benefits package and managing it effectively more difficult than ever. Milliman is a pioneer in employee benefits, providing unparalleled retirement and health plan consulting services for more than half a century. We provide comprehensive solutions, from plan design and administration to investment advice, from recordkeeping to employee communications and more our consultants have the knowledge and experience to address your organisation s challenges. Independently owned, Milliman brings an unbiased perspective that allows us to focus solely on your needs and organisational priorities. Our benefits consultants apply in-depth industry knowledge and superb technical skills to the issues you face, with analysis supported by the most current research and innovative proprietary tools. The solutions we develop are practical, actionable, and tailored to your needs. You can depend on us as industry experts, trusted advisors, and creative problem-solvers who bring intelligence and insight to everything we do. 1

4 Clients and industries If you are a corporation With today s market volatility, funding constraints and ever-growing reporting requirements, it s more challenging than ever for employers to provide a competitive benefits package. Milliman consultants, with combined actuarial and business expertise, can assist with everything from benefits strategy to plan design and administration to employee communications. Our proprietary software lets you use sophisticated modelling and forecasting to improve overall benefits strategy and plan appropriately for the future. We can help you design effective pension and health plans, as well as increase recordkeeping efficiency through administrative outsourcing. a not-for-profit organisation Milliman s technical guidance can help you navigate the often complex benefits arena. We offer a full range of custom consulting and administrative support designed for your organisation s unique needs, goals and challenges. Our consultants use modelling and forecasting to help you understand your health and retirement benefit options and the financial impact of each. And our billing includes straightforward, line-item statements with no hidden fees, so you know exactly what you re paying for. in the public sector Our goal is to help you achieve optimal cost and funding levels and maintain ongoing financial viability. Familiar with the intricacies and politics of public-sector retirement systems and health plans, we work diligently to balance the needs of member, employer and taxpayer stakeholders. We offer annual services such as actuarial valuations, regulatory reporting and presentations to your board of trustees. As-needed services include actuarial experience studies and audit services, cost estimates for proposed benefit improvement or modification, asset/liability modelling and funding projections. In addition, we can advise your staff on administrative, operational, actuarial, plan design and legislative issues and deliver educational seminars on specialised topics. 2

5 Professional services Actuarial consulting A more dynamic workforce, global competition and legislative changes are creating both new demands and new opportunities for employers. We will listen closely to your goals and help you explore the full range of options to achieve them. Milliman actuarial consultants can: Evaluate your plans and funding policies Forecast each plan s financial needs using state-of-the-art modelling Assist you with reporting requirements Provide financial accounting information Keep you informed about legislative, industry and workforce changes Clearly communicate plan details to decision makers and employees Our guidance is tailored to your organisation s history, competitive challenges and future direction. We don t push boxed solutions. And we bill on a straightforward fee-for-service basis, which means our consultants give advice that s unbiased by outcome-based compensation. Communications Milliman consultants offer clear communications to support your benefit plan. Our experienced team delivers engaging materials, including posters, brochures, websites and online seminars. We can assist with branding your benefits program. And we conduct educational seminars for employees on retirement preparation, investing and other benefit-related topics. Defined contribution services Milliman can help you turn the complicated maze of defined contribution administration into a simple, seamless process. While advising on defined contribution plans, our consultants offer decades of employee-benefits experience, impeccable service and customisable software developed specifically for retirement plans. What sets us apart is our independence. Milliman has no proprietary funds or restrictions on fund availability. All of our services are customised to meet the specific needs of your business, allowing you to more easily meet your fiduciary obligations. Our consultants will evaluate and recommend operational improvements to increase accuracy and efficiency. We can also help you simplify compliance and more easily adjust your plans to fit legislative reforms. Milliman consultants bring in-depth knowledge supported by the most current research and innovative proprietary tools. 3

6 Professional Services (continued) Defined benefit administration Our defined benefit administration services streamline processes, eliminate paperwork and give employees greater access to pension information. We bring all plan information together in one place for increased efficiency and accurate archiving. We can provide a web portal where participants can view their benefits and use sophisticated calculators to plan for retirement. We can add a call center for personalised service. Milliman doesn t sell financial products, so you are free to select the investment funds and trustee/ custodian that best suit your needs. We provide traditional defined benefit plan administration, including individual benefit calculations. We also offer complete outsourced services, which include: Implementation and conversion services Participant website, including benefit calculator Employer website Benefit calculations Complete pension administration services Database maintenance for active, retired and terminated vested participants Call center Annual benefit statements Payee administration services Health and welfare plan consulting Soaring healthcare costs, a more dynamic workforce and regulatory changes bring challenges and opportunities for employers who provide health and welfare benefits. Milliman consultants can help you evaluate your benefits plan, using the same proprietary resources insurers rely on for the most up-to-date understanding of health costs. We provide reports, indices and models that analyse trends associated with clinical best practises, managed-care organisations, hospitals, long-term care and more. Services include: Evaluation of your benefit costs and plan design Assistance with healthcare cost management Long-term projections and valuations of health and welfare liabilities Benefit communications, outsourcing and compliance Guidance on consumer-driven healthcare plans Our uniquely diverse skills give you the benefit of strong technical capabilities, coupled with broad-based business expertise. 4

7 Participant education People are the key to any successful business and benefits are an important tool to attract and retain talented people. Milliman offers integrated, personalised communications to help you maximise the return on your benefits investments. We offer a full range of educational formats to help motivate participants to increase savings and diversify their investments. Status reports show participants current savings levels and progress toward their goals. We lead meetings to help employees understand their benefits and facilitate education sessions on topics such as debt reduction and retirement planning. We can also provide a website with benefits and investment information, as well as calculators that allow participants to analyse their retirement savings. Retiree medical In addition to providing accounting disclosures, our health consultants can help you reduce retiree medical costs by improving the efficiency of your current benefit structure, or, if necessary, redesigning your plan. Whether you are a large corporation, a collectively bargained fund or a government agency, Milliman will work closely with you to ensure accurate, complete disclosure. Rather than relying on rules of thumb, our consultants use cutting-edge forecasting techniques. We present hypothetical scenarios, allowing you to weigh outcomes and make more informed decisions. Investment consulting services The current investment environment demands that fiduciaries exercise their responsibilities with the utmost diligence. New regulations, the proliferation of complex strategies and the growing need for fee transparency make proper investment monitoring and consulting essential. Milliman provides innovative solutions and proper performance measurement and reporting across a full range of plan and asset types. Whether you re responsible for employee benefit plan investments, an endowment or foundation fund or any other pooled asset, Milliman delivers independent, unbiased guidance to help your investment program meet its goals. Our services include: Reviewing or creating investment policies and procedures Modelling asset-allocation effectiveness in conjunction with liability and spending structures Developing default investment strategies Creating customised risk-based or age-based model portfolios Providing discretionary consulting services to sponsors and trustees Identifying, monitoring and reporting on investment managers Compensation consulting Milliman offers information and guidance to address one of the most crucial decisions business leaders face: how to compensate key personnel. We map competitive landscapes and offer direction on how to attract and retain employees at all levels of your organization, including executives. While finding the right base salary is important, it s not the whole picture. We can also help you explore incentives and pay-for-performance, find the perfect balance of benefits and salary, and implement other compensation strategies. And we can make your human resources investments more visible with detailed reports of each employee s total package. 5

8 Products and tools PlanAhead for Retirement Milliman designed this software to supplement written benefits communications and respond directly to employee requests for personalised retirement planning information. Using powerful graphics, the program shows employees where their retirement income shortfalls exist and how choices made today affect the future. It also helps employees understand and appreciate the full value of their retirement benefits. PlanAhead for Retirement is a standalone product suitable for distribution to employees for their own use. Interactive models Milliman s interactive models simulate the financial workings of benefit plans, allowing you to make better decisions about the variables that affect your specific situation. You ll be able to ask what-if questions and see the impact over time of new benefits or shifts in employee demographics. This kind of modelling provides the long-term vision you need to ensure the safety and viability of your plan. Our simulation models also play a valuable role in labor contract negotiations, dramatically shortening the decision-making process. Modelling can eliminate weeks of meetings devoted to the review of each new proposal. The feedback is immediate, and the dramatic graphic presentations help all parties quickly understand the effect of proposed changes. Milliman Actuarial Retirement Calculator (MARC) MARC is a unique, Microsoft Windows-based system with powerful administrative, database, counseling, planning and presentation capabilities for retirement plans. It saves you time and money by centralising multiple functions, performing them quickly and simply. MARC offers numerous advantages over other retirement calculators: Multifaceted: Delivers more capabilities in a single program, including an unlimited number of defined benefit pension plans and an unlimited number of participants. It can deliver single- or batch-run reports from benefit estimates to final calculations. It can be installed standalone for a single user or as a client/server system for multiple users. Cost effective: A more affordable but highly proficient alternative to other systems. Pricing is based on the types and quantity of plans, the number of participants in each plan and the level of customisation you require. Easy to use: Point-and-click application, simple to maintain and update. Includes an in-depth help system that explains every field on every form. Flexible: Allows in-house installation, while preserving the option to quickly and efficiently move to outsourced administration at a future date. MARC is built on our unparalleled expertise and commitment to service. It is continually supported and enhanced by a team of highly experienced Milliman actuaries, retirement plan consultants and systems analysts. 6

9 Retirement plan administration systems Milliman provides turnkey services for your entire retirement program, including pension plans, savings plans and any supplemental executive retirement plans. Our fully integrated data warehouse allows access to complete benefit information for you and, as authorised, for your employees. Our Participant Web Service Center can give employees immediate access to account and investment information and quick transactions. The Retirement Toolbox provides comprehensive planning assistance that includes retirement plans, Social Security and personal savings. The Plan Sponsor Web Service Center gives plan sponsors read-only or read/write access to the participant website (incorporating multiple levels of security), access to plan details (including asset totals by account and fund), automated HRIS updates and ad hoc reports with designed and stored formats online. The solutions we develop are practical, efficient and customized for your organization and your needs. We bring insight, innovation, and intelligence to each of our assignments. 7

10 A distinctive view Put Milliman s independent thinking, depth of knowledge and breadth of experience to work for your organisation. Together we can confidently address the complex issues of today s employee benefits environment. We ll help you ask the right questions and answer them with the best technical resources, exceptional business skills and practical, creative ideas. Grounded in a deep understanding of the industry, our consultants will listen closely to your needs and develop tailored solutions with only you and your markets in mind. Find out how Milliman insight can help you thrive in this dynamic and challenging marketplace. To learn more, contact your local Milliman office or visit milliman.com. 8

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12 BEIJING 15/F NCI Tower, Unit 1544 No. 12A Jianguomenwai Avenue Chaoyang District Beijing China Tel: Fax: DUBAI Unit 809, Level 8, Liberty House Dubai International Financial Centre United Arab Emirates Tel: Fax: HONG KONG Unit , AIA Tower 183 Electric Road, North Point Hong Kong Tel: Fax: JAKARTA Wisma Kosgoro 16th Floor JIn. MH. Thamrin No. 53 Jakarta Indonesia Tel: Fax: MUMBAI B/712, 215 ATRIUM Chakala, Andheri-Kurla Road Andheri (East) Mumbai, India Tel: Fax: NEW DELHI Plot No. 121, Second floor Institutional Area, Sector - 44 Gurgaon Haryana - India Tel: Fax: SEOUL Suite 819, Kwanghwamun Officia Bldg. 163 Shinmunro 1ga Jongro-ku, Seoul Korea Tel: Fax: SHANGHAI Unit 905 Zhong Rong Heng Rui International Plaza 620 Zhang Yang Road, Pudong Shanghai China Tel: Fax: SINGAPORE 180 Cecil Street #10-01 Bangkok Bank Building Singapore Tel: Fax: SYDNEY Level 5, 32 Walker Street North Sydney, NSW 2060 Australia Tel: + 61 (0) Fax: + 61 (0) TOKYO Urbannet Kojimachi Building 8F Kojimachi Chiyoda-ku, Tokyo Japan Tel: Fax: ABOUT MILLIMAN For more than 60 years, Milliman has pioneered strategies, tools and solutions worldwide. One of the largest consulting and actuarial firms in the world, we are recognised leaders who have helped shape significant changes in the markets we serve. Set apart by our independent ownership, we deliver unbiased advice based solely on what s best for our clients. Milliman insight reaches across global boundaries and multiple industries, offering specialised consulting services in employee benefits, healthcare, investment, life insurance and financial services, and property and casualty insurance. Within these, our consultants serve a wide range of clients, with highly personalised service and a unique combination of actuarial and business expertise. With offices in principal cities worldwide, Milliman combines global experience with local knowledge. We can help you be prepared to operate in new markets, expand beyond your boundaries and understand how your industry is affected by developments around the world. milliman.com