A Cash Balance Pension Plan is a type of defined benefit pension plan that combines some of the features of both traditional defined benefit plans and defined contribution plans. In a cash balance plan, employees have individual accounts with a stated “cash balance,” which grows with each year’s contributions and interest credits. Here are the […]

A Defined Benefit Pension Plan is a type of employer-sponsored retirement plan that promises employees a specific, predetermined amount of retirement income based on a formula that considers factors such as salary history, years of service, and a retirement age. Defined benefit plans are often referred to as traditional pension plans. Here are the key […]