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Emc national life customer service12/12/2023 ![]() ![]() Specific terms and options for the specific Plan in question. Review the applicable Summary Plan Description for a detailed description of the The Plan features and descriptions presented are provided only as examples andĭescriptions a particular type of plan. For this purpose, a “cash balance” formula is a benefit formula in a defined benefit plan by whatever name (for example, personal account plan, pension equity plan, life cycle plan, cash account plan, etc.) that rather than, or in addition to, expressing the accrued benefit as a life annuity commencing at normal retirement age, defines benefits for each employee in terms more common to a defined contribution plan such as a “single sum distribution amount” (for example, 10 percent of final average pay times years of service, or the amount of the employee’s hypothetical account balance). This Plan is in the nature of a “Cash Balance” or similar plan, meaning that the Plan has a “cash balance” formula for determining benefits.Benefits accrued under this Plan are primarily pay related.Features of the EMC NATIONAL LIFE COMPANY EMPLOYEES CASH BALANCE PLAN may include: Rather, the Alternate Payee’s award is typically made in terms of a monthly benefit payable for either the lifetime of the Participant (a "shared payment") or the Alternate Payee (a "separate interest"). With this type of plan, the Alternate Payee is usually not awarded a lump sum cash payment from the Plan. Benefits accumulated under this type of plan are often referred to as "accrued benefits". Benefits are generally payable to the participant upon reaching "normal retirement age" for the remainder of the Participant's lifetime. Benefits paid at the time of retirement are typically calculated using a formula based upon years of credited service and compensation information. This type of plan generally provides participants with a monthly retirement benefit upon reaching a specific age and may be adjusted for early retirement. EMC NATIONAL LIFE COMPANY EMPLOYEES CASH BALANCE PLAN is a DEFINED BENEFIT PLAN. ![]()
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