Christine Roberts Posted August 14, 2009 Posted August 14, 2009 It is common for defined benefit plans to require participants pay $350 to obtain an updated statement of accrued benefits, once one has been provided for free in a given year? Would this constitute good faith compliance with FAB 2006-03?
SoCalActuary Posted August 14, 2009 Posted August 14, 2009 How important is it for a participant to get an updated amount? If the price is $350, that seems reasonable for the amount of detail, potential liability, and complexity of many defined benefit plans. Otherwise, they can make plans based on last year's information.
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