Pension plans in the U.S. have changed considerably over the last decade with many plan freezes, closures, and de-risking strategies. This change has driven many Curcio Webb clients to look differently at defined benefits administration.
If you have already outsourced (or co-sourced) your defined benefits administration, you should consider whether it makes business sense to undertake a focused renewal with your current provider or consider a search for a new provider. A sensible timeframe would be 18-months prior to the end of the contract. We recommend you start by downloading the Search vs. Renewal Checklist that provides more details about your options.
Organizations are applying more scrutiny to the expenditure of financial resources and people. Companies who have long managed their pension administration internally are now considering an outsourced or co-sourced delivery model. Those organizations that have made a decision to move away from an internal delivery model are faced with challenges related to having IT resources support and upgrade their current systems. Many internal systems are not equipped to manage historical databases efficiently and accurately. Data security has become one of the most pressing issues for benefits administration systems today. In addition, companies are also frequently challenged to staff and manage their call centers.
Working with Curcio Webb
If you are exploring new options for managing your defined benefits administration projects, we can help you in several ways:
Creating the delivery model strategy
Renewing administration service agreements, while ensuring clients receive competitive contract terms, performance standard commitments, financial terms, and appropriate service scope
Searching for a new defined benefit administration provider (outsourced or co-sourced)
Supporting data cleanup and automation projects
Leading or assisting with the implementation, including pension calculation testing
Performing operational reviews comparing how administration and data are working relative to requirements
Our Defined Benefits Administration Experience
Curcio Webb has supported hundreds of defined benefits administration projects for qualified and non-qualified plans. We have worked with numerous clients across all types of industries that sponsor some of the most complicated pension plans in the country. These experiences have allowed us to accumulate considerable amounts of data that is used in all projects.
Our team members are comprised of subject matter experts. We do not believe that generalists can drive the specific outcomes our clients desire. Curcio Webb consultants have a varied background, which includes working for providers, global consulting firms, and industry. In addition, we have actuaries who joined Curcio Webb from large consulting firms and an ERISA attorney who served as an internal benefits attorney for two Fortune 50 organizations.