What Type Of Account Is A Defined Benefit Pension Plan? A defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum or combination thereof on retirement that is predetermined by a formula based on the employee’s earnings history, tenure of service and age, rather
Who Is The Plan Administrator Of My Health Insurance? A plan administrator is the person or company your employer selects to manage its benefits plan(s). The administrator works with the plan provider to ensure that the plan meets government regulations. How do I find my plan administrator? The Plan Administrator can be found in the
What Impacts The Funding Of A Defined Benefit Plan? From an employer’s perspective, defined-benefit plans are an ongoing liability. Funding for the plans must come from corporate earnings, and this has a direct impact on profits. Why might a defined benefit pension plan become underfunded? Yes. Federal pension legislation allows a defined benefit pension plan
How Do I Know The Health Of My Pension Plan? To gauge the health of your particular pension, begin with your Annual Funding Notice, which your plan is required to send you each year. This document is a snapshot of your pension: how well it’s funded, the value of the plan’s assets, how those assets