Once upon a time the traditional defined benefit pension plan was a powerful means to lock employees in.
Ultimately, the sides settled upon a plan proposed by the NFL, wherein the current officials will retain the defined benefit pension plan until 2016, or until the official earns 20 years of service.
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Workers Wayne Tomlinson, Alice Ballesteros and Gary Muckelroy brought the suit in 2004, arguing that by switching its defined benefit pension plan from a final average pay formula to a cash balance formula, El Paso set payments for older, longer-service employees at significantly lower levels.
To make this move, you have to work for a company that offers both a 401(k) defined contribution plan and a traditional defined benefit pension plan, and offers the option to roll assets from the former (the DC plan) to the latter (the DB pension).
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Union leaders said that they liked the look of the raise, but that what they really needed was a defined-benefit pension plan, not the defined-contribution plan that management had offered them.
For pilots, it sponsors a defined-benefit pension plan, a defined-contribution plan and gives access to a 401(k) that doesn't include any company match.
For those in Mr. Davis's shoes, other possible solutions include establishing a profit-sharing or defined-benefit pension plan, or staying on the job as a salaried employee, consultant or paid chairman.
One product was a qualified, single-employer defined-benefit pension plan.
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Swooning stockmarkets are a particular headache for British fund managers, who have had too much invested in equities for too long, which is where many of their recent problems arise, and why almost every defined-benefit pension plan is now in trouble.
This is based on faulty actuarial methodology that speeds up pension contributions when a defined benefit plan is closed.
"I never assumed I'd have a pension, " says Friend, who is a defined benefit plan actuary.
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