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.
Read more about Cash Balance Plan: Basics, Conversion Controversy, Types of Pensions, Design of Plans, Lump Sum Calculation Cases, Age Discrimination Cases, Legislative Developments
Famous quotes containing the words cash, balance and/or plan:
“It seems I impregnated Marge
So I do rather feel, by and large,
Some cash should be tendered
For services rendered,
But I can’t quite decide what to charge.”
—Anonymous.
“Finding the perfect balance is getting harder and harder. We need to teach our children to be cautious without imparting fear, to learn right from wrong without being judgmental, to be assertive but not pushy, to stick to routines without sacrificing spontaneity, and to be determined but not stubborn.”
—Fred G. Gosman (20th century)
“To choose one’s victims, to prepare one’s plan minutely, to slake an implacable vengeance, and then to go to bed ... there is nothing sweeter in the world.”
—Josef Stalin (1879–1953)