Business / Taxes / Cash Balance Plan: A cash balance retirement plan is a defined benefit plan that has many of the characteristics of a defined contribution plan. The benefit that you'll be entitled to builds up as credits to a hypothetical account. The hypothetical account is credited with hypothetical earnings, based on a percentage of your current pay. These plans are portable, which means you can roll them over from one employer to another when you change jobs. That makes them popular with younger and mobile workers. But they are often unpopular with older workers whose employers switch from a defined benefit to cash balance plan because their pensions may be less than with traditional defined benefit plans.
Balance Noun Synonyms: scale(s), steelyard
Balance Verb Synonyms: weigh, estimate, ponder, consider, deliberate, assess, compare, evaluate
Cash Noun Synonyms: money, currency, bills, notes, banknotes, change, hard cash or money, specie, coin of the realm, legal tender, moolah, dough, bread, loot, spondulicks or spondulix, lolly, ready, readies, scratch, gelt
Plan Noun Synonyms: design, layout, blueprint, scheme, method, procedure, system, arrangement, programme, project, formula, pattern, script, scenario
Business / Finance / Defined Benefit Plan: A unit investment trust consisting of a fixed portfolio of securities, including blue chips, REITs, or high-yielding stocks on a major exchange such as the NYSE or FTSE. MORE
Business / Taxes / Qualified Retirement Plan: A qualified retirement plan is an employer sponsored plan that meets the requirements established by the Internal Revenue Service (IRS) and the US Congress. Pensions, profit-sharing plans, money purch MORE