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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.
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This page was last edited on 25 May 2008, at 13:45 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply ...
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401(k) plans are a vital tool for workers to save for their retirement. But they've also received a lot of criticism from financial-protection advocates, who argue that 401(k)s haven't delivered ...
At the time of the KeyCorp merger, the chairman of the board of directors was Thomas M. O'Donnell, president and chief executive officer was William B. "Bill" Summers Jr., treasurer was Robert T. Clutterbuck, secretary was Thomas F. Mc Kee. [17] Bill Summers became CEO since January 1, 1994. He began with the firm in 1971 as an intern. [20]
Speaking of loans, specifically, you can see this in the chart below, which compares KeyCorp's net charge-off ratio since 2004 to the best banks in the business, M&T Bank, New York Community ...