Blessings point to cash balance prosperity for interested advisers
Employee Benefit Adviser, September, 2008 by Dale J. Morgado and James Davis
Benefit advisers who recommended cash balance plans to their clients a few years ago will breathe a sigh of relief as the Second Circuit recently ruled such pension plans are not age discriminatory. The Second Circuit, a particularly influential court, slammed the door shut on plaintiffs trying to claim the new popular breed of pension plans results in such discrimination.
With this past month's ruling, and Congress' approval of cash balance plans in the passing of the 2006 Pension Protection Act, cash balance plans gain new life as a retirement strategy many companies around the U. S. are quickly accepting. Watson Wyatt recently reported that 26 of the Fortune 100 companies offer cash balance plans.
Often called "hybrid" plans, cash balance arrangements offer...
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