Although, in Section 412 (i) plans, which are defined benefit plans that often use an annuity or life insurance to fund the retirement benefit, the amount of qualified money that can be used to pay life insurance premiums may be higher than for
other defined benefit plans.
The chart below shows how private employer pensions and
other defined benefit plans have been displaced by defined contribution plans (things like IRAs, 401 (k) plans and others):
Teacher pensions, much like
other defined benefit plans, provide a more secure path to retirement, helping many teachers overcome the multitude of obstacles that prevent saving for retirement.
Not exact matches
Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, and capital markets conditions and
other factors beyond the Company's control, including natural and
other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) the Company's credit ratings and its cost of capital; (3) competitive conditions and customer preferences; (4) foreign currency exchange rates and fluctuations in those rates; (5) the timing and market acceptance of new product offerings; (6) the availability and cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and
other disasters and
other events); (7) the impact of acquisitions, strategic alliances, divestitures, and
other unusual events resulting from portfolio management actions and
other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with the phased implementation of a global enterprise resource
planning (ERP) system, or security breaches and
other disruptions to the Company's information technology infrastructure; (10) financial market risks that may affect the Company's funding obligations under
defined benefit pension and postretirement
plans; and (11) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's Annual Report on Form 10 - K for the year ended Dec. 31, 2017, and any subsequent quarterly reports on Form 10 - Q (the «Reports»).
According to GAO's analysis of the 2013 Survey of Consumer Finances, many older households without retirement savings have few
other resources, such as a
defined benefit (DB)
plan or nonretirement savings, to draw on in retirement (see figure below).
(a) Schedule 2.7 (a) of the Disclosure Schedule contains a list setting forth each employee
benefit plan, program, policy or arrangement (including any «employee benefit plan» as defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligat
plan, program, policy or arrangement (including any «employee
benefit plan» as defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligat
plan» as
defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA
Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligat
Plan»)-RRB-, including, without limitation, employee pension
benefit plans, as
defined in Section 3 (2) of ERISA, multi-employer
plans, as
defined in Section 3 (37) of ERISA, employee welfare
benefit plans, as
defined in Section 3 (1) of ERISA, deferred compensation
plans, stock option
plans, bonus
plans, stock purchase
plans, fringe
benefit plans, life, hospitalization, disability and
other insurance
plans, severance or termination pay
plans and policies, sick pay
plans and vacation
plans or arrangements, whether or not an ERISA
Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligat
Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to
benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter
defined) has had, has or may have any actual or contingent present or future liability or obligation.
In the event Mr. Block's employment terminates due to his death or disability (as
defined in his offer letter), he or his estate will be entitled to receive the following payments and
benefits (less applicable tax withholdings), in addition to any
other compensation and
benefits to which he (or his estate) may be entitled under applicable
plans, programs and agreements of the Company:
As described beginning on page 20 of this proxy statement, the employment agreements generally
define the executive's position, specify a minimum base salary, and provide for participation in our annual and long - term incentive
plans, as well as
other benefits.
The government is likely to insist that if automakers and
other companies get federal aid, they will have to avoid «rewarding labor unions» and replace
defined benefit pension
plans with «
defined contribution»
plans.
• Equity and performance based
plans (e.g., annual and long - term incentive
plans, stock option, restricted stock, performance share and broad - based equity
plans); • Executive
plans (e.g., deferred compensation, supplemental retirement, severance and change - in - control
plans); • Retirement
plans (e.g., 401 (k)
plans, traditional
defined benefit pension
plans and ESOPs); and • Health and welfare
plans (including COBRA and HIPAA compliance), and
other fringe
benefit programs.
In the six - month period of fiscal 2018, the company incurred gains of $ 14 million in
Other expenses / (income)($ 10 million after tax, or $.03 per share) associated with mark - to - market adjustments for
defined benefit pension and postretirement
plans.
For the year ended July 30, 2017, the company incurred gains of $ 178 million in
Other expenses / (income)($ 116 million after tax, or $.38 per share) associated with mark - to - market adjustments for
defined benefit pension and postretirement
plans.
Adjusted EBITDA is
defined as net income / (loss) from continuing operations before interest expense,
other expense / (income), net, provision for / (
benefit from) income taxes; in addition to these adjustments, the Company excludes, when they occur, the impacts of depreciation and amortization (excluding integration and restructuring expenses)(including amortization of postretirement
benefit plans prior service credits), integration and restructuring expenses, merger costs, unrealized losses / (gains) on commodity hedges, impairment losses, losses / (gains) on the sale of a business, nonmonetary currency devaluation (e.g., remeasurement gains and losses), and equity award compensation expense (excluding integration and restructuring expenses).
 (You can't say that about far too many
defined benefit pension
plans, and there is no inflation indexing of
other pensions.)
An overwhelming majority of ESOP companies have
other retirement and / or savings
plans, such as
defined benefit pension
plans or 401 (k)
plans, to supplement their ESOP.
Some folks have no pensions; some have a
defined contribution
plan, which depends on the market;
others, including most public employees and more than half of the private - sector ones have a
defined benefits plan — you get a guaranteed pension based upon years of service.
Pensions and health costs for teachers and
other staff are substantially higher for the traditional, unionized public schools compared to charters, which offer their employees 401ks rather than more generous
defined benefit plans.
This will give fodder to the crowd that claims that
defined benefit plans do a better job of retaining employees than 401k - style
defined contribution
plans and support those seeking to preserve the status quo in most
other states.
And when teachers (and
other public employees) have been given a choice between
defined benefit pensions and
defined contribution
plans, the vast majority typically chooses the
defined benefit pension
plan.
The retirement
benefits of teachers, and of
other public employees, have received increased scrutiny in recent years over concerns about the fiscal sustainability of
defined -
benefit pension
plans and the peculiar incentives they create.
Teacher pension
plans are already in bed with Wall Street; the «retirement security crisis» narrative ignores data showing that elderly Americans are doing better and better; today's
defined benefit pension
plans just don't work that well for most teachers; and the costs of today's pension
plans are enormous and are affecting schools and
other public services.
In contrast, teachers and
other public sector workers are still overwhelmingly offered
defined benefit pension
plans and more than four out of five teachers are enrolled in a DB
plan today.
Moreover, as with defending job security as a cheaper way to attract decent teachers,
defined -
benefit pension
plans have big downsides with hidden costs: They make it unappealing for a talented person to work as a teacher for just part of a career, make it hard for teachers to move around, offer huge bonuses to older teachers who don't add any special value, etc. (And this is all viewing education in isolation — committing future taxpayers to pay for pensions teachers are earning now is going to mean spending less on
other priorities in the future.
At the time, Republican lawmakers were pushing to close the state's
defined benefit pension
plan to new workers and instead enroll all new teachers in a
defined contribution
plan identical to the one offered to
other state employees.
During the peak era for
defined benefit pension
plans, only 22 percent of retirees in the bottom quartile had any retirement income
other than Social Security, compared to 64 percent among those in the highest quartile.
Defined -
benefit Keogh
plans are set up like traditional pension
plans where they are based on salary, years of employment, age and
other factors but you are the one actually funding it, not an employer.
However, with the ongoing shift from the
defined -
benefit to
defined - contribution
plans, careful (and individualized)
planning of retirement asset allocation in employer - sponsored
plans and IRAs as well as
other personal investments is evermore important.
He has a good
defined benefit pension
plan, and when he retires he expects a healthy income from his pension and
other investments.
We
define ECI to be adjusted gross income (AGI) plus: above - the - line adjustments (e.g., IRA deductions, student loan interest, self - employed health insurance deduction, etc.), employer paid health insurance and
other nontaxable fringe
benefits, employee and employer contributions to tax deferred retirement savings
plans, tax - exempt interest, nontaxable Social Security
benefits, nontaxable pension and retirement income, accruals within
defined benefit pension
plans, inside buildup within
defined contribution retirement accounts, cash and cash - like (e.g., SNAP) transfer income, employer's share of payroll taxes, and imputed corporate income tax liability.
Andrew Post, Director, Institutional Sales, Central Canada In this role, Mr. Post is responsible for marketing investment solutions to consultants, small to mid sized
defined benefit pension
plan sponsors and
other institutional investors.
Sun Life Institutional Investments (Canada) Inc. specializes in managing private asset class pooled funds and liability driven investing strategies for
defined benefit pension
plans and
other institutional investors in Canada through its affiliation with Sun Life Assurance Company of Canada.
During 2011 - 2013, Steve held a senior investment management position at one of Canada's largest
defined benefit pension
plans, building up and managing its in - house fixed income and derivatives team as well as assessing
other asset class opportunities and conducting selections of third - party fund managers.
Sean Sirois, Head of Business Development, Quebec and Eastern Canada In this role, Mr. Sirois is responsible for marketing investment solutions to consultants,
defined benefit pension
plan sponsors, and
other institutional investors.
Carl Bang is President, Sun Life Institutional Investments (Canada) Inc., a Sun Life Financial business that offers investment solutions to
defined benefits pension
plan clients and
other institutional investors.
We have
defined benefit pension
plans totalling $ 90,000 for both of us; approximately $ 200,000 each in RRSPs; collect approximately $ 50,000 per year in rental income from two properties (we have a mortgage of $ 100,000 combined on these properties); I'm still earning approximately $ 100,000 per year and
plan to work for the next two years; my husband is retired and although he can collect early CPP, he opted not to do so to minimize taxes; we have 2 daughters; one is 17; the
other is 31 and on ODSP due to an intellectual disability; we have no
other debts.
If they do all this, when they retire at 60, they'll have a paid - off home, a paid - off rental property with a healthy income stream, topped - up TFSAs, substantial RRSPs, a good
defined benefit pension
plan for Colin, as well as
other savings.
«Those who are in
defined benefit pension
plans in Canada are in a good place relative to just about any
other group.
For
defined benefit plans think pensions or any
other employer retirement
plan that is not a
defined contribution
plan.
The thought of a stable salary and
defined benefit pension
plan may be appealing to some, but
others, like you — and me — prefer a little more control over destiny.
QDROs are used for 401 (k) s,
defined benefit pension
plans, and
other accounts that are «qualified» under ERISA.
Many private businesses have shifted from offering
defined -
benefit pension
plans to
other forms of employer - sponsored
plans, such as
defined - contribution
plans, but some still do offer
defined -
benefit plans to employees.
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.
>> OLD - SCHOOL PENSIONS STILL ON DECLINE Consulting firm Towers Watson says the number of providing
defined -
benefit pensions continues to fall, although fewer companies moved away from such
plans last year than in any
other year over the past decade.
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.
Indeed, the percentage of pension -
plan assets invested in stocks dropped from 60 percent to 55 percent during 2007, representing a shift of almost $ 60 billion worth of
plan assets from equities into fixed - income and
other investments, according to the firm's study of the 100 U.S. public companies with the biggest
defined -
benefit pension assets whose 2007 annual report was released by March 15, 2008.
A deposit of a pension
plan,
defined benefit plan or
other employee
benefit plan that is not self - directed
A CPA can read the
plan's summary
plan description and
other plan documents to determine the retirement
benefits provided and whether the
plan is a
defined benefit plan or a
defined contribution
plan.
I have designed
defined contribution
plans, created stable value products, done asset allocation for
defined benefit [DB]
plans, terminal funding, and
other incidentals.
I replied that my father was a high school teacher with security and a
Defined Benefit pension
plan, which may have explained why I tended to stick with salaried employment within
other people's businesses.
With the decline of
defined benefit (DB) pension
plans, there has been some renewed interest in providing
other annuity income options to American workers, but demand for annuities has remained low in the United States.