Defined Benefit (DB) Plan | Strategic Benefits Advisors

An employee group retirement plan established and maintained by an employer that uses a predetermined formula to calculate the amount of an employee’s retirement benefit. The benefit formula may take into consideration an employee’s years of service and/or pay during employment. No individual accounts are maintained. Often referred to as pension plans.

SBA publishes guidance on which CARES Act provisions require immediate action by health and retirement plan sponsors
Plan sponsors will need to coordinate with healthcare providers immediately to begin complying with the law's mandatory provisions. While most retirement plan provisions are optional, they are nonetheless time-sensitive and call for coordination with the plan sponsor's recordkeeper and actuary.
New SBA service fills plan sponsors’ need for pandemic-friendly, cost-effective sourcing of third-party benefit service providers
Travel restrictions and budgetary constraints caused by the global coronavirus pandemic have led some plan sponsors to put vendor search projects on hold. SBA's Arm's-Length Vendor Search service helps organizations make informed vendor selections and meet their due diligence and fiduciary obligations without having to assess vendors in person.
How to tell if you’re paying reasonable fees for actuarial services
As a defined benefit (DB) plan sponsor, it can be difficult to determine whether the fees you are paying for actuarial services are reasonable. Here are some ways to evaluate whether actuarial fees are in line with the services provided.
Ask an Adviser: Can terminating a defined benefit plan be more seamless?
Learn how to best position a frozen DB plan for termination.
Glossary: Beneficiary

Related Terms:

Term: Pension