ADVANCED DENTAL ARTS, P.A. CASH BALANCE PLAN is a DEFINED BENEFIT PLAN. This type of plan generally provides participants with a monthly retirement benefit upon reaching a specific age and may be adjusted for early retirement. Benefits paid at the time of retirement are typically calculated using a formula based upon years of credited service and compensation information. Benefits are generally payable to the participant upon reaching "normal retirement age" for the remainder of the Participant's lifetime. Benefits accumulated under this type of plan are often referred to as "accrued benefits".
With this type of plan, the Alternate Payee is usually not awarded a lump sum cash payment from the Plan. Rather, the Alternate Payee’s award is typically made in terms of a monthly benefit payable for either the lifetime of the Participant (a "shared payment") or the Alternate Payee (a "separate interest").
Features of the ADVANCED DENTAL ARTS, P.A. CASH BALANCE PLAN may include:
- Benefits accrued under this Plan are primarily pay related
- This Plan is in the nature of a “Cash Balance” or similar plan, meaning that the Plan has a “cash balance” formula for determining benefits. For this purpose, a “cash balance” formula is a benefit formula in a defined benefit plan by whatever name (for example, personal account plan, pension equity plan, life cycle plan, cash account plan, etc.) that rather than, or in addition to, expressing the accrued benefit as a life annuity commencing at normal retirement age, defines benefits for each employee in terms more common to a defined contribution plan such as a “single sum distribution amount” (for example, 10 percent of final average pay times years of service, or the amount of the employee’s hypothetical account balance).
The Plan features and descriptions presented are provided only
as examples and general descriptions a particular type of
plan. Participants and Alternate Payees should ALWAYS review
the applicable Summary Plan Description for a detailed
description of the specific terms and options for the specific
Plan in question.
The information provided on this page is based upon the most
recent Plan tax filings available. The terms of a specific
plan may have changed since the most recently available tax
filing, and as a result, these descriptions and features may
not be current. SimpleQDRO makes no representations as to
accuracy of these descriptions.
neither the administrator, nor a representative of this Plan.
SimpleQDRO provides this information merely as a courtesy and
makes no warranties as to the current status or accuracy of