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:
“Lora May: Did you ever stop to think, Porter, that in over three years there’s one word we’ve never said to each other, even in fun.
Porter: To you, I’m a cash register. You can’t love a cash register.
Lora May: And I’m part of your inventory. You can’t love that either.”
—Joseph L. Mankiewicz (1909–1993)
“Partisanship should be kept out of the pulpit.... The blindest of partisans are preachers. All politicians expect and find more candor, fairness, and truth in politicians than in partisan preachers. They are not replied to—no chance to reply to them.... The balance wheel of free institutions is free discussion. The pulpit allows no free discussion.”
—Rutherford Birchard Hayes (1822–1893)
“The inference is, that God has restated the superiority of the West. God always does like that when a thousand white people surround one dark one. Dark people are always “bad” when they do not admit the Divine Plan like that. A certain Javanese man who sticks up for Indonesian Independence is very lowdown by the papers, and suspected of being a Japanese puppet.”
—Zora Neale Hurston (1891–1960)