Because it is a defined-benefit pension plan
, the employee can choose to receive a lump-sum payment (preferred by most employees) or an annuity.
The USW beat back the potentially devastating effects of the cap on retirees by negotiating millions of dollars into a fund to cover retiree health care costs, and halted the company's drive for a two-tier system for new hires, who will remain on the same health care plan and participate in Alcoa's defined-benefit pension plan
and not just a 401(k) plan.
It elected to close out its defined-benefit pension plan
, which it did in 2004, and roll out a new defined-contribution plan; that started with new employees, then 60-90 days later with the rest of the employee base.
The estate's major asset was a defined-benefit pension plan
REFLECTIONS: ERISA Section 204(h), as amended by the Economic Growth and Tax Relief Reconciliation Act of 2001, provides that a defined-benefit pension plan
may not be amended to provide a significant reduction in the rate of future benefit accrual, unless the plan administrator provides notice describing the reduction to each individual whose benefit is adversely affected and to each employee organization representing these individuals; the plan is subject to an excise tax under Sec.
This may include knowing what optional forms of benefits are available under a plan's terms as well as devising an appropriate formula for dividing the benefits of a defined-benefit pension plan
The most common form of this stealth compensation is an enhanced version of the traditional defined-benefit pension plan
called a SERP (for supplemental executive retirement plan.
The Principal(R) was honored for its overall effort to create a positive working environment for Latinas and was specifically cited for its company paid defined-benefit pension plan
, generous continuing education reimbursement program and alternative work policies.
NYSE:UNA) today announced that it had successfully completed a reversion of its defined-benefit pension plan
yielding net proceeds of more than $100 million.
Redefining pension benefits for new teachers using a cash-balance approach serves the practical needs of existing defined-benefit pension plans
About half of the legislation deals with traditional defined-benefit pension plans
, but other parts discuss the more popular defined-contribution plans and IRAs, which affect more taxpayers than do the traditional pension rules.
1 million American workers and retirees in 30,330 private single-employer and multi-employer defined-benefit pension plans