Beyer-Barber Company - Employee Benefit and Actuarial Consultants

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defined benefit and cash balance plans

Beyer-Barber Company - Defined Benefit and Cash Balance Plans

A traditional Defined Benefit Plan provides for a monthly annuity payable at early or normal retirement age. Benefits are typically based on a specified formula involving years of service worked and often include consideration of employees' earnings. Generally, benefits under a Defined Benefit Plan are paid out upon retirement, death or disability.

In contrast, a Cash Balance Plan is a Defined Benefit Plan designed to look like a Defined Contribution Plan. Each year a member is allocated a contribution, defined by plan terms, and his "theoretical account balance" grows at a plan defined investment rate of return. Cash Balance Plans provide funding flexibility and are usually designed to provide a lump sum option at termination or retirement.

With Enrolled Actuaries and years of experience, Beyer-Barber Company is prepared to handle the complexities of both Defined Benefit and Cash Balance Plans.

Services

 Beyer-Barber will provide the following services with respect to Defined Benefit and Cash Balance Plans:

  • Annual Actuarial Valuation Reports
    • - Determination of eligible employees
    • - Calculation of accrued, accrued vested and projected benefits
    • - Selection and monitoring of actuarial assumptions
    • - Determination of plan liabilities
    • - Determination of actuarial gains and losses
    • - Application of actuarial funding and asset valuation methods
    • - Reconciliation of plan assets
    • - Determination of minimum required, recommended and maximum; deductible cost levels
  • AFTAP Certifications
  • Individual Participant Statements
  • IRS Form 5500 Series
  • Annual Funding Notice (AFN)
  • Participant Benefit Calculations and Election forms
  • PBGC Filings
  • ASC 715 Disclosures
  • Benefit Improvement Studies
  • Forecast Actuarial Valuations
  • Plan Terminations
  • Plan Mergers and Spin-offs
  • Plan Document, Amendments and Submissions
  • Summary Plan Description (SPD) and Summary of Material Modification (SMM)
  • Qualified Domestic Relations Order (QDRO) review
  • Ongoing monitoring of legislative and regulatory development
  • Ongoing consulting on plan design and plan operation

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