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A cash balance plan is a defined benefit retirement plan that maintains hypothetical individual employee accounts like a defined contribution plan.The hypothetical nature of the individual accounts was crucial in the early adoption of such plans because it enabled conversion of traditional plans without declaring a plan termination.
The cash balance plan typically offers a lump sum at and often before normal retirement age. However, as is the case with all defined benefit plans, a cash balance plan must also provide the option of receiving the benefit as a life annuity. The amount of the annuity benefit must be definitely determinable as per IRS regulation 1.412-1.
1. Your current and future tax brackets. Where you fall on the tax bracket ladder now and where you might be in the future can help shape your withdrawal strategy. This is especially true for ...
If your guaranteed income, including your pension, Social Security, and annuities cover half of your annual income, then G = 0.5. Your formula will be: Number of months of expenses = 18 – (12 x ...
Pension administration in the United States is the act of performing various types of yearly service on an organizational retirement plan, such as a 401 (k), profit sharing plan, defined benefit plan, or cash balance plan. Increasingly, employers are also implementing these plan types in combination arrangements for greater contribution ...
A lot goes into figuring out how much money you need to retire. In the end, the amount you need to retire depends as much on the amount you spend as it does on the amount you have saved.
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