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The "minimum benefit" was the accrued benefit under the old plan at the end of the transition period.
participants had opening cash balance account balances that were less than the value of their frozen traditional defined benefit accrued benefits.
Except as otherwise provided below, a plan amendment that has the effect of (1) eliminating or reducing an early retirement benefit or a retirement-type subsidy or (2) eliminating certain optional forms of benefit attributable to service before the amendment is treated as impermissibly reducing accrued benefits.
A violation of ERISA's minimum vesting and benefit accrual standards was found to occur where a plan amendment established surrender charges that had the effect of reducing participants' accrued benefits.
We have started the consultation process regarding a plan to cease future benefit accruals for employee members of the scheme to safeguard the accrued benefits of all scheme members.
This accrual will create a charge to earnings, and unfunded accrued benefits will create a growing balance sheet liability.
A formula would be similar to a lump sum-based formula if "the formula provides that a participant's accrued benefit payable at normal retirement age .
The benefit statement must indicate, on the basis of the latest available information, the participant's or beneficiary's total accrued benefit and the participant's or beneficiary's vested accrued benefit, or indicate the earliest date on which the accrued benefit will become vested.
However, a participant's accrued benefits under a DB plan must be fully vested after three years of service.
A plan will be at risk if the accrued benefits under the plan are less than 80 percent funded based on the prior year's assets.