The partnership will blend Merrill Lynch’s strategic consulting and investment and capital solutions with Milliman’s defined benefit administration, actuarial and benefit consulting services. Under the terms of their agreement, existing Merrill Lynch Defined Benefit actuarial and administration clients will be migrated to the new product platform, according to a news release.
It’s the second such announcement in recent weeks for Merrill, which most recently unveiled an alliance with McCamish Systems to provide a variety of services to non-qualified deferred compensation (NQDC) plan sponsors and participants (see
The new service with Milliman will be integrated with the suite of defined contribution, non-qualified and equity plan services offered by the Retirement Group at Merrill Lynch to provide a single resource for all benefit program needs, according to the firm. The Merrill Lynch Retirement Group is responsible for assets in excess of $283 billion held by 5 million individuals and nearly 22,000 workplace-based retirement programs.
Milliman, whose corporate offices are in, employs approximately 1,800 people, including a professional staff of more than 800 qualified consultants and actuaries. The firm has consulting practices in pensions & employee benefits/compensation consultings, healthcare, life insurance/financials, and property & casualty insurance.