A cash balance plan is a hybrid of the two, offering a guaranteed retirement income like a traditional pension plan, but with the flexibility of a defined contribution plan. This plan is attractive to employees who want the security of a guaranteed retirement income, but also want some control over their investments.
Finally, an integrated cash balance and 401k plan combines the benefits of both plans, offering a guaranteed retirement income and the flexibility of a defined contribution plan. This plan is attractive to employees who want the security of a guaranteed retirement income, but also want to manage their own investments.
Overall, offering a variety of retirement plans can help attract and retain top talent, as employees value the security and flexibility of retirement benefits. By offering a range of options, employers can cater to the diverse needs and preferences of their workforce.
401(k) Plans
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Defined Benefit Pension Plans
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Cash Balance Pension Plans
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Discover the advantages of Cash Balance Pension Plans for employers and employees. This summary highlights the benefits of these plans, including retirement savings, portability, legal protections, and compliance. Maximize retirement benefits for your workforce today!