Retirement Plan Benefit
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Cash balance plan - A Cash balance plan is a defined benefit retirement plan that maintains hypothetical individual employee accounts like a defined contribution plan. The hypotheticality of the individual accounts was crucial in the early adoption of such plans because it enabled conversion of traditional plans without declaring a plan termination.
Target Benefit - A Target Benefit plan is a defined contribution plan designed to provide benefits that would match a defined benefit plan at normal retirement age. For example, if the defined benefit plan being Targeted has a benefit of 1.
Target Benefit plan - A Target Benefit plan is a defined contribution plan that is made to appear like a defined benefit plan.
Retirement annuity plan - A Retirement Annuity Plan (RAP) is a UK pension plan designed to build a lump sum for retirement. Part of the lump sum must be used to buy an annuity and part can be taken a tax free lump sum.
retirementplanbenefit
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