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A cash balance plan is a defined benefit retirement plan that maintains hypothetical individual employee accounts like a defined contribution plan. The hypothetical nature of the individual accounts was crucial in the early adoption of such plans because it enabled conversion of traditional plans without declaring a plan termination .
Christus Health services can be found in 60 cities in Texas, Arkansas, Louisiana, Georgia, and New Mexico in the U.S.; also, in the Pontificia Universidad Católica de Chile Health Network in Santiago, Chile, and Chihuahua, Coahuila, Nuevo León, Puebla, San Luis Potosí, and Tamaulipas in Mexico.
Christus Trinity Mother Frances Health System is a non-profit regional health care provider based in Tyler, Texas that operates eight hospitals and 82 clinic locations in East Texas. History [ edit ] In the early 1930s, the Sisters of The Holy Family of Nazareth came to Tyler, Texas from the Sacred Heart Province in Chicago to open Mother ...
401(k) plans are a vital tool for workers to save for their retirement. But they've also received a lot of criticism from financial-protection advocates, who argue that 401(k)s haven't delivered ...
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Christus Santa Rosa Health System, or Christus Santa Rosa Health Care ( CSRHC ), is a health care organization in South Texas. Established in 1869, CSRHC is a part of Christus Health and is the only faith-based, not-for-profit health care system in San Antonio. Centered at the South Texas Medical Center, CSRHC has hospitals located on four ...
The cash balance plan typically offers a lump sum at and often before normal retirement age. However, as is the case with all defined benefit plans, a cash balance plan must also provide the option of receiving the benefit as a life annuity. The amount of the annuity benefit must be definitely determinable as per IRS regulation 1.412-1.
It was founded in 1944 by H. Charles "Chick" Kwasha and Maurice Lipton. Kwasha Lipton is best known for creating a special type of defined benefit pension plan called a cash balance plan, which it designed for the employees of Bank of America in 1985. Kwasha Lipton implemented dozens of cash balance plans for its other clients, and these plans ...