Ensuring you are properly prepared for the future starts with a solid pension plan. At Mondelis, our Actuaries specialize in pensions. Creating a new pension plan is complex; at Mondelis we are happy to navigate through the intricate world of pension plans so you don’t have to. From sound advice on setting up your plan, to the ongoing reporting and administration of your existing plan, here is how we can help.
Designing a new plan
A Pension Consultant helps employers design the best plan, based on the specific needs of the organization. Here are some key issues where the experienced Pension Consultants at Mondelis Actuarial can help provide the pension plan advice you need:
- Choosing the appropriate plan provisions by understanding how much of a member’s preretirement salary should be replaced at retirement
- Advice and consulting around eligibility, pension formula, withdrawal provisions, early retirement enhancements
- Benchmarking and ensuring the benefit is competitive to the marketplace
Implementation of a new plan
Once the design of a plan is complete, the next step is to implement the plan. At this stage there are a number of responsibilities your Pension Consultant does for you, such as:
- Finalizing the plan document and filing it with the appropriate regulatory authorities
- Preparation of the initial actuarial valuation report to establish contributions to be made to the plan
- Individual consultations with employees if needed, to explain the new plan
- Preparation of member booklets
Management of the plan
Whether your plan is a new plan, or an existing one, our Pension Consultants continue to support the employer in a variety of ways, including:
- Actuarial valuation of the plan as required
- Day to day administration of the plan, such as enrolment, terminations, retirements
- Accounting valuation of the plan to assist financial auditors
- Preparation and filing of annually required government forms
- Assistance with union negotiations, such as determining the cost of proposed changes to the plan
- Provide education for the members/employees i.e. meetings, newsletters & communication etc.
Working with a skilled Pension Consultant will reduce your workload, costs, stress and liability. At Mondelis Actuarial, we take pride in working for you to ensure that you always have the best plan in place.
We take care of your pension plan so you can take care of your business. Contact us to today for pension plan advice.
