Answered: Define cash balance plan

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Define cash balance plan

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter4: Managing Your Cash And Savings

Section: Chapter Questions

Problem 6LO: Develop a cash management strategy that incorporates a variety of savings plans.

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Define cash balance plan

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Step 1

Introduction:

A cash-balance plan is a pension plan in which an employee's final returns are stated as a lump-sum amount of cash as an alternative of a yearly payout. Companies promise their workforce a usual yearly contribution and a usual proportion of gain in their superannuation accounts for every year they are working.

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