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|Termination of Cash Balance Plan -- Unhappy About Allocation of the Excess Assets|
BenefitsLink Message Boards
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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