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Termination of Cash Balance Plan -- Unhappy About Allocation of the Excess Assets
BenefitsLink Message BoardsLink to more items from this source
Nov. 2, 2021

"My company froze and canceled our CB plan. The payments are being distributed shortly. We were given a page to sign so we knew how much money each participant is getting. (It was the same amount for each person, 7 employees in addition to the the owner.) But then we were told there are 'excess' funds and that, before distribution, these excess funds need to be figured out. What I don't understand is how this excess, which came out to $100,000, is being split between us employees. I am 27 and I am getting $300 of this $100,000. Someone who is 68 is getting $20,000. Someone who is 85 is getting $3,000. Does that make sense?? Could I suggest they do an even split among all of us employees? $300 seems ridiculous and age discriminatory. All I know is that my boss put in $1,000 each year for EVERYONE, with a 5% interest credit. I don't see why the excess would be so randomly distributed."

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