Milliman Secures Taft-Hartley Defined Contribution Client
Event summary
- Milliman has been selected as the defined contribution plan administrator for the newly established Minnesota Cement Masons Defined Contribution Retirement Fund.
- The fund, formed May 1, 2025, serves members of Cement Masons, Plasterers, and Shophands Local 633 across Minnesota, North Dakota, and Northwest Wisconsin.
- The fund is projected to eventually cover approximately 900 participants.
- Milliman's Gerald Erickson, a principal and DC Taft-Hartley practice leader, will be a key contact for the fund.
The big picture
The acquisition of the Minnesota Cement Masons fund underscores Milliman’s continued focus on the Taft-Hartley market, a niche segment often overlooked by larger retirement services providers. Taft-Hartley plans represent a significant, albeit complex, portion of the retirement landscape, and Milliman’s expertise positions them to capitalize on this demand. This win also highlights the importance of specialized expertise and strong relationships in securing new business within this sector.
What we're watching
- Fund Growth
- The fund's ability to reach its projected 900 participant target will indicate the strength of Local 633’s membership and Milliman’s effectiveness in attracting and retaining members.
- Competitive Landscape
- Milliman’s success in securing this client suggests increasing competition within the Taft-Hartley defined contribution plan administration space, potentially impacting pricing and service offerings.
- Service Provider Integration
- How seamlessly Milliman integrates with the fund's existing service providers, as highlighted by Local 633, will be a key indicator of overall operational efficiency and client satisfaction.
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