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:
“If when a businessman speaks of minority employment, or air pollution, or poverty, he speaks in the language of a certified public accountant analyzing a corporate balance sheet, who is to know that he understands the human problems behind the statistical ones? If the businessman would stop talking like a computer printout or a page from the corporate annual report, other people would stop thinking he had a cash register for a heart. It is as simple as that—but that isn’t simple.”
—Louis B. Lundborg (1906–1981)
“Both the man of science and the man of art live always at the edge of mystery, surrounded by it. Both, as a measure of their creation, have always had to do with the harmonization of what is new with what is familiar, with the balance between novelty and synthesis, with the struggle to make partial order in total chaos.... This cannot be an easy life.”
—J. Robert Oppenheimer (1904–1967)
“He fashions evil for himself who does evil to another, and an evil plan does mischief to the planner.”
—Hesiod (c. 8th century B.C.)