Defined Benefit Characteristics
Who assumes the investment risk?
Who is the employer?
Are in service withdrawals permitted?
What is no?
What are the standard illegibility requirements?
What is 21 years of age, or 1 year with 1,000 hours?
What is IRISA?
What is Employee Retirement Income Security Act?
What is a defined benefit plan?
What is a qualified retirement plan that provides its participants with pre-determined calculated benefits for retirement?
How are forfeitures allocated?
What is reduce plan cost?
Is the plan subject to mandatory funding standards?
What is yes?
Name one of the three coverage test?
What is General Safe Harbor Test, or The ratio percentage Test, or The Average Benefits Test?
What is IRC?
What is Internal Revenue code?
What are the two types of pension plans?
What is defined benefit pension plan and defined contribution pension plan?
Is the plan subject to Pension Benefit Guarantee Corporation (PBGC) coverage?
What is yes, except professional firms with less than 25 employees.
Must the plan provide qualified joint and survivor annuity and a qualified pre-survivor annuity?
What is yes?
What is a graduated vesting schedule?
What is when full rights to a certain percentage benefit, then additional percentage for additional years?
What was the first employer sponsored pension plan?
Who was the American Express Co. in 1875
What is a pension?
What is a payment plan for retirement income from an investment fund you and or the employer contribute to during your working career?
Does the plan have separate investment accounts?
What is no, they are commingled?
Percent of plan assets available to be invested in employer securities?
What is 10%?
What is the 2019 annual contribution limit?
What is 225,000?
What did the Revenue Act of 1921 do for pension plans?
What is made contributions made by employee pensions exempt from federal corporate income tax?
What is one advantage to a cash benefit pension plan?
What is receive a set percentage of yearly compensation plus interest charges, or contribution increases with age?
Can credit be given for prior service for the purpose of benefits?
What is yes
Legal promise of a plan?
What is paying a pension at retirement?
What is the 2 year, 100% rule?
What is a requirement of 2 years of work for participation, upon completion of 2 years receive 100% balance?
What does the IRC do for benefit plans and what are 2 benefits?
What is set standard of rules to be followed, and tax deferral & asset protection?
What are two advantages to defined benefit pension plans?
What is employer promises to pay, and employer bares all the risk?