GroupBuck_BondGroup

Pension de-risking: Five tips for crafting a good “goodbye letter”

by and Tags:

In nearly all group annuity buy-out transactions, there comes a point after the insurance company is selected, but before the carrier takes over payments to participants, when the plan sponsor sends a communication to those affected by the transaction explaining the administrative changes to their pension payments.

This communication is commonly referred to as a “goodbye letter” and is a crucial part of the transition process once a plan sponsor selects an annuity provider. It provides practical details about the group annuity transaction, while allowing plan sponsors to send a positive message to their employees, both current and former, depending on the type of transaction.

Based on our experience with numerous annuity purchase transactions, there are five essential tips that you’ll need to consider in order to draft an effective letter. Download our whitepaper here.

Related Insights

Webinar: What does the SECURE Act mean for plan sponsors and their employees?

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law on...

Read more on Thought leadership

Buck Survey Finds Group Health Plan Sponsors Struggle to Comply with HIPAA Regulations

The Health Insurance Portability and Accountability Act of 1996 (HIPAA) requires healthcare providers, health...

Read more on Thought leadership

Article: Revolutionizing the Employee Experience in 2020: AI, Hybrid Apps, Contextual Experiences, and More

Building the best employee experience has been a key effort of companies everywhere in...

Read more on Thought leadership