King Washington Defined-Benefit Pension Plan and Trust Agreement

• Category: Trusts - Business
• State: Multi-State
• County: King
• Control #: US-1073BG
• Format: Word; Rich Text

Description

A defined benefit pension plan is a type of pension plan in which an employer or sponsor promises a specified pension payment, lump-sum (or combination thereof) on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provided defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay. A defined benefit plan is "defined" in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan", the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. The King Washington Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement benefit program offered to employees of King Washington Company. This plan is designed to provide participants with a stable and guaranteed income during their retirement years. One key feature of the King Washington Defined-Benefit Pension Plan and Trust Agreement is that it is a "defined-benefit" plan, meaning that the retirement benefits are pre-determined based on a specific formula that considers factors such as an employee's salary history, years of service, and age at retirement. This ensures that employees receive a set amount of benefits, regardless of market fluctuations or investment performance. The King Washington Defined-Benefit Pension Plan and Trust Agreement is managed through a trust agreement, which is a legal document that outlines the terms and conditions of the plan and establishes the fiduciary responsibilities of the trustees. The trustees, who are typically appointed by the company, have a duty to act in the best interest of the plan participants and are responsible for investing and managing the plan's assets. There may be different variations of the King Washington Defined-Benefit Pension Plan and Trust Agreement tailored to different employee groups or levels within the company. For example, there could be separate plans for executives, managers, and non-management employees, each with its own set of eligibility criteria, contribution rates, and benefit calculations. These variations ensure that the plan is flexible enough to meet the specific retirement needs of different employee groups. It is important for employees to understand the specifics of their particular King Washington Defined-Benefit Pension Plan and Trust Agreement, including vesting schedules, early retirement options, survivor benefits, and any other relevant provisions. This information can usually be obtained through plan documents, summary plan descriptions, or by contacting the plan administrator. Overall, the King Washington Defined-Benefit Pension Plan and Trust Agreement provides employees with the peace of mind of a guaranteed retirement income, ensuring a financially secure future after years of dedicated service.

The King Washington Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement benefit program offered to employees of King Washington Company. This plan is designed to provide participants with a stable and guaranteed income during their retirement years. One key feature of the King Washington Defined-Benefit Pension Plan and Trust Agreement is that it is a "defined-benefit" plan, meaning that the retirement benefits are pre-determined based on a specific formula that considers factors such as an employee's salary history, years of service, and age at retirement. This ensures that employees receive a set amount of benefits, regardless of market fluctuations or investment performance. The King Washington Defined-Benefit Pension Plan and Trust Agreement is managed through a trust agreement, which is a legal document that outlines the terms and conditions of the plan and establishes the fiduciary responsibilities of the trustees. The trustees, who are typically appointed by the company, have a duty to act in the best interest of the plan participants and are responsible for investing and managing the plan's assets. There may be different variations of the King Washington Defined-Benefit Pension Plan and Trust Agreement tailored to different employee groups or levels within the company. For example, there could be separate plans for executives, managers, and non-management employees, each with its own set of eligibility criteria, contribution rates, and benefit calculations. These variations ensure that the plan is flexible enough to meet the specific retirement needs of different employee groups. It is important for employees to understand the specifics of their particular King Washington Defined-Benefit Pension Plan and Trust Agreement, including vesting schedules, early retirement options, survivor benefits, and any other relevant provisions. This information can usually be obtained through plan documents, summary plan descriptions, or by contacting the plan administrator. Overall, the King Washington Defined-Benefit Pension Plan and Trust Agreement provides employees with the peace of mind of a guaranteed retirement income, ensuring a financially secure future after years of dedicated service.