Sentences with phrase «defined benefit plan participants»

Furthermore, RRSP savers and defined - contribution plan members can not pool longevity risk across other retirement savers like defined benefit plan participants can and often incur both higher risks and higher costs than defined - benefit plan members.

According to a recent Fidelity Investments survey, 71 % of defined benefit plan participants said they do not have detailed knowledge of how the plans operate.

Not exact matches

For defined contribution plans, however, fiduciary misconduct need not threaten the entire plan's solvency to reduce benefits below the amount that participants would otherwise receive.»

On April 8, 2016, the Department of Labor (Department) published a final regulation (Fiduciary Rule or Rule) defining who is a «fiduciary» of an employee benefit plan under section 3 (21)(A)(ii) of the Employee Retirement Income Security Act of 1974 (ERISA or the Act) as a result of giving investment advice to a plan or its participants or beneficiaries.

A narrow majority of defined - contribution - plan advisers and consultants say managed accounts provide less benefit to participants than target - date funds, according to a survey by Pacific Investment Management Co..

A lump - sum direct rollover distribution whereby all accrued benefits, plus interest and investment earnings, are paid from the participant's account directly to an eligible retirement plan as defined in s. 402 (c)(8)(B) of the Internal Revenue Code, on behalf of the participant;

A partial lump - sum payment whereby a portion of the accrued benefit is paid to the participant and the remaining amount is transferred to an eligible retirement plan, as defined in s. 402 (c)(8)(B) of the Internal Revenue Code, on behalf of the participant; or

The primary difference is that a potential SSI recipient has access to the funds in a defined contribution plan, but a participant in the defined benefit plan has no access to the pension until attaining a specific age.

Ultimately, the 403 (b) plan is a defined contribution plan (often called a DC plan), where the participant makes contributions and investment decisions, as opposed to a pension or defined benefit plan (often called a DB plan), where the employer makes all, or a majority of contributions and all of the investment decisions.

Defined benefit plan: A corporate pension plan that guarantees a specific level of benefits for participants, usually based on levels of compensation and years of service.

The first would allow current participants in defined benefit plans (for the small percentage of consumers that still have DB plans) to take their retirement savings in the form of an annuity plus a lump sum.

This point becomes abundantly clear when comparing participants in 401 (k) plans and defined benefit (traditional) pensions.

Employers guarantee a specific retirement benefit amount for each participant of a defined benefit plan, which can be based on the employee's salary, years of service or a number of other factors.

While the employer assumes the risk of having sufficient funds available to pay employees their promised benefit under defined benefit plans, defined contribution plans shift this risk to plan participants — and, thus, to alternate payees.

As with defined contribution plans, the QDRO should address the alternate payee's right to any extra benefits afforded the participant in the years following the divorce.

Instead of stipulating the benefits as in a defined benefit plan, a defined contribution plan establishes a separate account for each participant, and the employer generally agrees to put a specific amount into this account.

These regulations would affect participants, beneficiaries, sponsors, and administrators of defined benefit pension plans.

ERISA Section 205 and IRC Secs. 401 (a)(11) and 417 require that all retirement plans (both defined benefit and defined contribution plans) provide benefits in a manner that will give the participant's spouse a survivor benefit.

According to Gardner's opinion, the Nationwide Trust Company agreement incorporates a number of schedules that determine what investment funds a plan participant can choose to invest his or her benefits in; determine what the default investment option is; designate the authorized representative and details its duties, acts, responsibilities and obligations; and define the rights and obligations of the self - directed brokerage accounts provider.

Defined Benefit Plan - A pension plan that promises participants a specified benefit, usually a monthly amount, at retiBenefit Plan - A pension plan that promises participants a specified benefit, usually a monthly amount, at retiremPlan - A pension plan that promises participants a specified benefit, usually a monthly amount, at retiremplan that promises participants a specified benefit, usually a monthly amount, at retibenefit, usually a monthly amount, at retirement.

Missing Participants Program (for Single - Employer Plans only)- A PBGC program for locating missing participants in terminated single - employer defined beParticipants Program (for Single - Employer Plans only)- A PBGC program for locating missing participants in terminated single - employer defined benefit pPlans only)- A PBGC program for locating missing participants in terminated single - employer defined beparticipants in terminated single - employer defined benefit plansplans.

If a participant is eligible to receive a lump sum from a defined benefit plan or PBGC, the participant can transfer all or part of the lump sum into an IRA or other qualified plan.

Plans determine what a participant's monthly benefit payment would be if the participant's individual account balance in the defined contribution plan were used to purchase an annuity at retirement, based on standard assumptions for interest rates and the participant's life expectancy.

A narrow majority of defined - contribution - plan advisers and consultants say managed accounts provide less benefit to participants than target - date funds, according to a survey by Pacific Investment Management Co..

Cash Balance Plan - A defined benefit plan that states a participant's benefit in terms of a hypothetical account balance based on a formula using pay credits and interest credPlan - A defined benefit plan that states a participant's benefit in terms of a hypothetical account balance based on a formula using pay credits and interest credplan that states a participant's benefit in terms of a hypothetical account balance based on a formula using pay credits and interest credits.

PBGCs» insurance program does not cover a defined benefit plan of a professional service employer if the plan has never had more than 25 active participants at any one time after the enactment of ERISA.

(1) a defined contribution plan that serves as the primary fund for a participant's retirement benefits, and

Voluntary Employee Contributions - Amounts that participants contribute to a defined benefit plan, as allowed by the plan, that are not mandatory employee contributions.

Mandatory Employee Contributions - Money that participants must contribute to a defined benefit plan as a condition of employment or plan participation, or to get employer - funded plan benefits.

Date of Trusteeship (for Single - Employer Plans only)- The date that PBGC takes over a terminated single - employer defined benefit plan and becomes responsible for making payments to plan participants and beneficiaries.

Paragraph (1) of the proposed definition of «health plan» defined a «group health plan» as an ERISA - defined employee welfare benefit plan that provides medical care and that: «(i) Has 50 or more participants, or (ii) Is administered by an entity other than the employer that established and maintains the plan -LSB-.]»

Comment: A commenter explained that HIPAA defines a group health plan by expressly cross-referencing the statutory sections in the PHS Act and the Employee Retirement Income Start Printed Page 82579Security Act of 1974 (ERISA), 29 U.S.C. 1001, et seq., which define the terms «group health plan,» «employee welfare benefit plan» and «participant.»

Facilitate the Defined Benefits retirement process for over 100,000 plan participants of three mid-market clients including: NRG Energy, Hospira, and SABIC Innovative Plastics