Many older companies have changed from a defined-benefit plan to a(n) ________, which is a retirement plan where workers are credited with a percentage of their pay each year, plus a predetermined rate of interest. Question 23 options: funded pension plan cash balance plan unfunded pension plan percentage plus inflation plan None of these

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11-07-2022
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Many older companies have changed from a defined-benefit plan to a(n) ________, which is a retirement plan where workers are credited with a percentage of their pay each year, plus a predetermined rate of interest. Question 23 options: funded pension plan cash balance plan unfunded pension plan percentage plus inflation plan None of these

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tutorconsortium204 tutorconsortium204 · Answer 1 · 2022-07-27T07:42:41+02:00

Cash balance plan. The IRS accepts cash balance plans as qualified retirement plans, which are a subset of defined benefit plans.

What is a Cash balance plan?

A "hybrid" plan, also referred to as an IRS-qualified retirement plan, is a Cash Balance plan. Each participant's account in a Cash Balance plan grows annually in two ways: first, through an employer contribution, and second, through an interest credit that is guaranteed rather than reliant on the performance of the plan's investments.

The guaranteed annual interest credit is not reliant on the success of the plan's investments. For smaller plans, the interest credit typically has a fixed rate of return of 4%, whereas for some larger plans, an actual rate of return (ARR) may be more appropriate. Participants are entitled to receive the vested portion of their account balance when their employment ends.

You can learn more about defined benefit plans using the following links:

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