Matthews Benefit Group provides consulting in all areas of retirement benefits administration. Let our expert team assist you with:
A mid-size company had a defined benefit plan for its employees since the early 1960s. At the turn of the century, they made a decision to terminate their plan and purchase annuities for all of their plan participants. Unfortunately, they soon determined that they did not have enough assets to purchase the required annuities.
We reviewed the company’s plan to determine what changes were necessary and worked with them on an annual basis to guide them toward their goal of terminating the existing plan. Within five years, we helped them successfully achieve their goal and assisted them with selection of an insurance company from which to purchase annuities for all of their participants. With the new program in place, we then worked with the IRS and DOL to fully terminate the old defined benefit plan.