Course Details

Pension Plan Design & Administration Training: Building and Managing Retirement Benefits

INTRODUCTION

A well-designed and administered pension plan is crucial for attracting and retaining talent, as well as providing employees with financial security in retirement. This Pension Plan Design & Administration training course provides a comprehensive understanding of the different types of pension plans, the legal and regulatory framework governing them, and the best practices for effective administration. Participants will learn about defined benefit (DB) plans, defined contribution (DC) plans, hybrid plans, funding requirements, investment strategies, communication with plan members, and the complexities of pension plan management. This essential benefits management training is ideal for HR professionals, benefits administrators, actuaries, and anyone involved in the design and management of pension plans. This course covers key areas like DB plans, DC plans, hybrid plans, and pension plan administration, empowering you to become a knowledgeable and effective pension plan manager.

DURATION

5 days

TARGET AUDIENCE

This course is designed for a broad audience, including:

• Human Resources Professionals: HR managers, benefits administrators, and compensation specialists.
• Finance Professionals: CFOs, controllers, and financial analysts involved in pension plan funding.
• Actuaries: Individuals responsible for pension plan valuations and calculations.
• Pension Plan Trustees: Individuals overseeing the management of pension funds.
• Anyone involved in pension plan management: Individuals wanting to gain a deep understanding of pension plan design and administration.

COURSE OBJECTIVES

Upon completion of this course, participants will be able to:

• Understand the different types of pension plans (DB, DC, hybrid).
• Design and implement effective pension plans.
• Administer pension plans in compliance with legal and regulatory requirements.
• Manage pension fund investments.
• Communicate effectively with plan members about their benefits.
• Understand the actuarial aspects of pension plans.
• Manage pension plan risks and liabilities.
• Stay current with emerging trends in pension plan design and administration.

COURSE MODULES

• Introduction to Pension Plans:
• The role of pension plans in retirement planning.
• Overview of different types of pension plans (DB, DC, hybrid).
• Key stakeholders in pension plans (sponsors, members, trustees, administrators).
• Legal and regulatory framework governing pension plans.
• Defined Benefit (DB) Plans:
• How DB plans work and their key features.
• Accrual formulas and benefit calculations.
• Funding requirements and actuarial valuations.
• Advantages and disadvantages of DB plans.
• Defined Contribution (DC) Plans:
• How DC plans work and their key features.
• Contribution limits and investment options.
• Vesting schedules and withdrawal rules.
• Advantages and disadvantages of DC plans.
• Hybrid Pension Plans:
• Types of hybrid plans (cash balance, target benefit, etc.).
• How hybrid plans combine features of DB and DC plans.
• Advantages and disadvantages of hybrid plans.
• Choosing the right hybrid plan for your organization.
• Pension Plan Administration:
• Enrolling employees in pension plans.
• Managing contributions and distributions.
• Communicating with plan members.
• Recordkeeping and reporting requirements.
• Pension Fund Investment Management:
• Developing investment policies and strategies.
• Asset allocation and diversification.
• Managing investment risk.
• Selecting investment managers.
• Legal and Regulatory Compliance:
• ERISA and other relevant legislation.
• Reporting and disclosure requirements.
• Fiduciary responsibilities.
• Auditing and compliance procedures.
• Emerging Trends in Pension Plans:
• Impact of demographic changes on pension plans.
• Trends in plan design and administration.
• The role of technology in pension plan management.
• Future of pension plans.

 CERTIFICATION

• Upon successful completion of this training, participants will be issued with Macskills Training and Development Institute Certificate

TRAINING VENUE

• Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

• Airport pick up and accommodation is arranged upon request

TERMS OF PAYMENT

• Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com