The new regulation opens the door for employers to adopt (or convert their existing cash balance plans) to market-return cash balance plans, without a minimum fixed rate, and with the opportunity to have a scale of pay credits that materially increase by age or service.
Since failure to comply with the regulations pertaining to 401(k) administration can lead to significant financial penalties, business leaders need to familiarize themselves with the new retirement plan rules starting with 2023.
Most public pension plans are distressed or fragile, and there are better ways – risk-managed pensions, guaranteed return plans, hybrid plans or any combination – to design them for the 21st Century, says a new report.
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