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Milliman Benefit Calculator from Milliman
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.
Product analysis by function
Benefit Calculation Engines for Member Administration
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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Core Calculation Functionality
(0 Yes /0 Known /12 Possible features)
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Defined Benefit Calculations Ability to calculate traditional pension benefits based on salary, years of service, and benefit formulas |
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Defined Contribution Calculations Functionality for calculating benefits based on contribution amounts and investment returns |
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Hybrid Plan Support Capability to handle plans with both defined benefit and defined contribution components |
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Calculation Processing Speed The rate at which the system can process multiple benefit calculations |
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Calculation Precision The level of decimal precision for monetary calculations |
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Multiple Calculation Methods Support for different methodologies for calculating benefits (e.g., final average salary, career average) |
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Retroactive Calculations Ability to perform calculations for past periods when rules or data change |
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Accrual Rate Flexibility Support for varied benefit accrual rates based on service periods or other factors |
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Service Purchase Calculations Functionality to calculate costs and benefits for purchasing additional service credit |
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Death Benefit Calculations Capability to determine survivor benefits upon member death |
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Disability Benefit Calculations Support for calculating benefits related to disability claims |
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Early/Late Retirement Factors Automated application of adjustment factors for early or late retirement |
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Regulatory Compliance
(0 Yes /0 Known /11 Possible features)
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Tax Code Compliance Ensures calculations adhere to relevant tax regulations (e.g., IRC 415 limits) |
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Regulatory Updates Frequency of updates to accommodate changes in pension regulations |
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Compliance Testing Built-in tools for testing plans against non-discrimination requirements |
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COLA Implementation Support for implementing cost of living adjustments according to plan rules |
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Required Minimum Distribution Calculations Functionality to calculate required minimum distributions for retirees |
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Maximum Benefit Limits Automatic application of IRS maximum benefit limits to calculations |
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Compliance Reporting Ability to generate reports demonstrating regulatory compliance |
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Multi-jurisdiction Support Capability to handle different regulatory requirements across jurisdictions |
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Audit Trail Depth The level of detail in tracking changes to calculations for compliance purposes |
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Tax Withholding Calculations Functionality to determine appropriate tax withholding on benefit payments |
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QDRO Processing Support for calculating benefits according to qualified domestic relations orders |
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Configuration and Flexibility
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Rule-Based Configuration Ability to define calculation rules without programming |
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Multiple Plan Support Capability to handle different pension plans with varying rules within the same system |
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Formula Builder Tools allowing administrators to create custom benefit formulas |
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Effective Dating Support for date-driven rule changes and benefit calculations |
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Plan Amendment Implementation Time Average time required to implement changes to plan rules in the system |
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User-Defined Variables Ability to create custom variables for use in benefit calculations |
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Conditional Logic Support Capability to implement complex if-then rules in calculations |
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Configuration Templates Pre-built templates for common plan designs to accelerate implementation |
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Business User Configuration Extent to which non-technical users can configure calculation rules |
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Grandfathering Rules Support for maintaining older benefit rules for certain members while implementing new rules for others |
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Configuration Version Control Ability to track and manage different versions of calculation configurations |
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Configuration Testing Environment Separate environment for testing calculation rule changes before implementation |
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Integration Capabilities
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API Availability Presence of application programming interfaces for integration with other systems |
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Payroll System Integration Capability to exchange data with payroll systems for contribution and benefit payment processing |
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HR System Integration Ability to receive member demographic and employment data from HR systems |
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Investment Platform Integration Connectivity with investment platforms for defined contribution plan valuations |
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Data Import Capacity Volume of data the system can import in a given timeframe |
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Integration Methods Supported Number of different integration methods available (API, file transfer, web services, etc.) |
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Real-time Integration Support for real-time data exchange with other systems |
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Single Sign-On Support Ability to integrate with enterprise authentication systems |
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Document Management Integration Connectivity with document management systems for storing calculation results and supporting documentation |
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Integration Event Tracking Capability to track and report on data exchanges with other systems |
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ETL Tool Compatibility Compatibility with standard extract-transform-load tools for data integration |
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Third-party Actuarial System Integration Ability to exchange data with external actuarial systems |
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User Experience
(0 Yes /0 Known /12 Possible features)
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Self-Service Calculation Portal Web-based interface allowing members to perform benefit estimates themselves |
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Mobile Access Ability to access calculation features from mobile devices |
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Calculation Wizard Step-by-step guided process for performing calculations |
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Result Visualization Graphical representation of calculation results and projections |
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Average Response Time Typical time from calculation request to result delivery |
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Calculation Comparison Tools Ability to compare multiple calculation scenarios side-by-side |
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Customizable Results Display Options for configuring how calculation results are presented to users |
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Multi-language Support Availability of the user interface in multiple languages |
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Accessibility Compliance Adherence to accessibility standards for users with disabilities |
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Calculation History Ability for users to view their previous calculation requests and results |
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User Interface Customization Extent to which the interface can be customized for different user roles or organizations |
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Context-sensitive Help Availability of relevant help content based on the user's current activity |
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Data Quality and Management
(0 Yes /0 Known /12 Possible features)
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Data Validation Rules Built-in checks to ensure data used in calculations meets quality standards |
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Data Cleansing Tools Functionality to identify and correct data issues before calculations |
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Historical Data Preservation Capability to maintain historical data needed for accurate benefit calculations |
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Data Storage Capacity Maximum volume of member and calculation data the system can store |
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Data Audit Trails Tracking of changes to data that affects calculations |
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Data Dictionary Comprehensive documentation of data elements used in calculations |
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Data Reconciliation Tools Features for comparing and reconciling data between systems |
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Missing Data Handling Methods for dealing with incomplete data in calculations |
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Data Change Impact Analysis Tools to understand how data changes affect calculation results |
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Data Backup Frequency How often calculation data is backed up |
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Data Recovery Time Average time to restore data after a system failure |
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Data Retention Policies Support for implementing rules regarding how long different types of data are kept |
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Reporting and Analytics
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Standard Reports Number of pre-built reports available out-of-the-box |
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Custom Report Builder Tools allowing users to create their own reports |
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Batch Processing Ability to run calculations for multiple members simultaneously |
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Forecasting Tools Features for projecting future benefit obligations and costs |
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Export Formats Supported Number of different formats available for exporting calculation results |
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Statistical Analysis Built-in tools for analyzing patterns and trends in benefit calculations |
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Report Scheduling Capability to schedule automatic generation and distribution of reports |
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Interactive Dashboards Visual displays of key metrics with drill-down capabilities |
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Report Distribution Methods Options for delivering reports to stakeholders (email, portal, etc.) |
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Calculation Audit Reports Detailed reports showing how benefit amounts were calculated |
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Benefit Projection Reports Reports showing projected future benefits based on current data |
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Third-party BI Tool Integration Ability to use external business intelligence tools with calculation data |
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Performance and Scalability
(0 Yes /0 Known /12 Possible features)
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Maximum User Capacity Number of concurrent users the system can support |
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Maximum Member Records Maximum number of member records the system can efficiently manage |
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Batch Calculation Capacity Number of calculations that can be processed in batch mode per hour |
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Peak Load Handling Ability to maintain performance during periods of high demand |
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Horizontal Scaling Capability to add servers to increase capacity |
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Vertical Scaling Ability to increase server resources to improve performance |
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Caching Mechanisms Implementation of data caching to improve calculation speed |
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System Availability Percentage of time the system is operational |
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Performance Monitoring Tools Built-in tools for tracking and analyzing system performance |
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Load Balancing Capability to distribute workload across multiple servers |
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Resource Utilization Efficiency How efficiently the system uses available computing resources |
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Scheduled Maintenance Downtime Average monthly downtime required for system maintenance |
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Security and Compliance
(0 Yes /0 Known /12 Possible features)
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Multi-factor Authentication Support for additional authentication factors beyond passwords |
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Role-based Access Control Ability to restrict system access based on user roles |
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Data Encryption Implementation of encryption for sensitive data at rest and in transit |
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Security Certifications Number of recognized security certifications held by the system |
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Privacy Controls Features ensuring compliance with data privacy regulations |
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Security Audit Logging Detailed tracking of user activities for security purposes |
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Penetration Testing Frequency How often the system undergoes security penetration testing |
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Security Patch Deployment Time Average time to deploy critical security patches |
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Data Masking Capability to hide sensitive information from unauthorized users |
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Security Incident Response Time Average time to respond to security incidents |
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Compliance Reporting Built-in reports demonstrating adherence to security standards |
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User Activity Monitoring Tools for detecting suspicious user behavior |
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Support and Maintenance
(0 Yes /0 Known /12 Possible features)
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Technical Support Hours Hours during which technical support is available |
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Support Response Time Average time for initial response to support requests |
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Implementation Support Availability of specialized support during system implementation |
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Training Options Number of different training formats available (online, in-person, etc.) |
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Documentation Quality Comprehensiveness and clarity of system documentation |
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User Community Existence of an active user community for knowledge sharing |
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System Update Frequency How often the system receives feature updates and enhancements |
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Backward Compatibility Assurance that updates won't break existing configurations |
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Configuration Backup Automated backup of system configuration settings |
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Knowledge Base Articles Number of self-help articles available in the knowledge base |
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Dedicated Account Manager Assignment of a specific contact person for ongoing support |
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Service Level Agreement Formal agreement defining support expectations and guarantees |
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