accrual
(redirected from Accrued benefits)Also found in: Dictionary, Thesaurus, Medical, Financial.
Related to Accrued benefits: Accrual Rate
Also found in: Dictionary, Thesaurus, Medical, Financial.
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Certainly from the perspective of many stakeholders (plan sponsors along with new and future plan members), permitting conversion of accrued benefits would generally be preferable, as that could address any legacy issues.
cash balance plans since the accrued benefits of traditional
The problem is determining the accrued benefits due the employees without taking advantage of the employees.
A critical distinction between termination benefits and retirement benefits is that accrued benefits automatically vest upon satisfying the age and service requirements for retirement benefits, yet are subject to the plan's vesting schedule when those conditions have not been met.
Now, relief is available under section 411(d)(6) in any case in which a participant is entitled to a distribution from either a defined benefit plan or a defined contribution plan but the participant is not eligible to receive an immediate distribution of the participant's entire nonforfeitable accrued benefit in a single-sum distribution that can be entirely rolled over.
If a participant leaves after a cash balance conversion, and the accrued benefits under the cash balance plan are less than the benefits under the traditional plan, the participant is entitled to receive the larger, preconversion amount.
Before passage of ERISA 14 years ago, there were no statutory requirements for vesting,3An employer who provided a pension plan determined if when, and under what conditions employees obtained vested rights to the accrued benefits.
a freeze of the existing defined benefit pension plan, while preserving employees' current accrued benefits, and 4.
I suspect that the early retirement exercise to which your employer refers will involve your employer offering you an incentive to transfer your accrued benefits out of your employer's final salary scheme to a personal pension.
Those who are paying into the DB scheme will have their accrued benefits deferred, and the company is proposing the introduction of a DC scheme for future service to add to the members' existing benefits.
Those who are currently paying into the Defined Benefit (DB) scheme will have their accrued benefits deferred, and the company are proposing the introduction of a new DC scheme for future service to add to the members' existing benefits.
In these instances, future accrued benefits paid only from the qualified plan assets are not subject to Sec.
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