Creative Benefit Strategies, Inc.

CONNECT

Address:

10155 Broadview Road, Suite 6
Broadview Heights, OH 44147

Phone:

(800) 238-5490 | (440) 717-1600

Fax/Other:

(440) 717-1610

Defined Benefit Plans

Both traditional defined benefit plans and cash balance plans are required to offer payment of an employee's benefit in the form of a series of payments for life. Traditional defined benefit plans define an employee's benefit as a series of monthly payments for life to begin at retirement; whereas, cash balance plans define the benefit in terms of a stated account balance.

Defined Benefit Plan – A Defined Benefit Plan is considered a traditional pension plan because it guarantees a monthly pension benefit for the life of the participant. This type of plan favors older employees with longer terms of service.

Cash Balance Plan – A Cash Balance Plan considers age and salary differences and tilts the contributions toward a desired employee or group of employees. Unlike a traditional Defined Benefit plan, however, a Cash Balance Plan provides a “hypothetical” account balance for the participant which accrues interest at a pre-defined rate. This type of plan clearly shows the amount of contribution being made on behalf of each participant and the value of each participant's account. Cash balance plans generally provide participants with the option of receiving a lump-sum distribution.

Services:

Services are customized to fit your objectives

  •      Plan Design
  •      Plan Documents
  •      Annual Valuation Preparation
  •      Minimum & Maximum Employer Contribution Calculations
  •      General Testing for Nondiscrimination
  •      Preparation & Certification of Form 5500
  •      Preparation & Certification of PBGC Filing

Also included in our services is continual monitoring of your plan to ensure that it remains in compliance with government regulations

"My partners and I are so appreciative of your services over the past 7 or 8 years." - David H. Levine, MD