Cash balance annuity
[DOC File]Distributions from Qualified Plans
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For cash balance DB plans, the amount of annuity is determined by converting the participant’s hypothetical account into an actuarially equivalent annuity using the plan’s actuarial assumptions. Qualified Joint and Survivor Annuity (QJSA) – IRC §401(a)(11) requires a plan to provide a QJSA as a benefit form, unless an exception applies.
[DOC File](((AU: PLEASE NOTE THAT SOME ODDITIES OCCURRED …
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Cash balance plans may pay out account balances in the form of a lump-sum distribution or as an annuity, but some sponsors encourage the selection of an annuity by specifying a favorable actuarial basis to convert accounts to annuities.
[DOC File]Summary of Pension Protection Act of 2006 - AICPA
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Establishes new rules for testing defined benefit plans, including cash balance and other hybrid plans, for age discrimination under the Code, ERISA, and the Age Discrimination in Employment Act (ADEA) Allows annuity contracts and life insurance contracts to include long-term care insurance contracts.
[DOC File]CASH BALANCE PLAN
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If take annuity, then 1 year waiting period to return to part-time teaching. If under age 55 then a 6 month waiting period to receive lump sum funds. If lump sum out, then may return to teaching, but may not take out funds for another 5 years. ... CASH BALANCE PLAN ...
[DOC File]1
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The Present Value of an ordinary annuity will be decreased. The Future Value of an ordinary annuity will be increased. ... Balance in cash at February 29 $2,400. Deposits per the cash receipts journal $27,000. Checks written per the cash disbursements. register $32,000.
[DOC File]90-1278-04 Variable Life Surrender of Policy for Cash Value
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The cash value is equal to the policy value plus the value of any paid-up additional insurance, reduced by any policy debt outstanding and any surrender charges if applicable. If you are not paying premiums on an annual basis, we reduce the cash value for any premiums due later in the year.
[DOC File]The Effects of Adopting Cash-Balance Pension Plans
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Using IBM's assumptions of a 6 percent discount rate and a 15-year annuity for retirement at age 65, the present value of benefits under the old plan and the accrued cash balance under the new plan at ages 55, 62, and 65 are shown in Table 2 for salary progression rates of 5 percent (Panel A), 3 percent (Panel B), and no further salary ...
[DOC File]Exhibit 5-3: Acceptable Forms of Verification
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Use current balance in savings accounts and average monthly balance in checking accounts for last 6 months. Use cash value of all assets (the net amount the applicant would receive if the asset were converted to cash).
[DOCX File]McGill, Dan, Kyle Brown, John Haley, Sylvester Schieber ...
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In cash balance plans, retirees are able to request an annuity. In this case, the monthly benefit is determined by converting the account balance into a single …
[DOC File]ERIC-Are Cash Balance Plans Inherently Unlawful Under the ...
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Are Cash Balance Plans Inherently Unlawful Under the Age Discrimination in Employment Act? In the traditional defined benefit pension plan, often called a final average pay plan, the benefit is an annuity that is based on a formula that takes into account years of service with the employer, some measure of compensation (such as average annual ...
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