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A cash balance plan is a defined benefit retirement plan that maintains hypothetical individual employee accounts like a defined contribution plan.The hypothetical nature of the individual accounts was crucial in the early adoption of such plans because it enabled conversion of traditional plans without declaring a plan termination.
The firm was founded in 1944 by H. Charles "Chick" Kwasha and Maurice Lipton. [citation needed] Kwasha Lipton is best known for creating a type of defined benefit pension plan called a cash balance plan (CBP), which it designed for the employees of Bank of America in 1985.
The cash balance plan typically offers a lump sum at and often before normal retirement age. However, as is the case with all defined benefit plans, a cash balance plan must also provide the option of receiving the benefit as a life annuity. The amount of the annuity benefit must be definitely determinable as per IRS regulation 1.412-1.
Wealthfront is a financial services platform offering a range of products, from automated investing to cash accounts. The Wealthfront Cash Account offers 5.00% APY — that’s 10x the national ...
More specifically, a financial plan can also refer to the three primary financial statements (balance sheet, income statement, and cash flow statement) created within a business plan. A financial plan can also be an estimation of cash needs and a decision on how to raise the cash, such as through borrowing or issuing additional shares in a ...
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However, a balanced trial balance does not guarantee that there are no errors in the individual ledger entries. Accounts may be added to the chart of accounts as needed; they would not generally be removed, especially if any transaction had been posted to the account or if there is a non-zero balance.
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