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| *The Commerce Journal>>>Other - Business & Finance |
If lump-sum is given as payment for a defined benefit plan, what is the maximum allowable benefit? |
If lump-sum is given as payment for a defined benefit plan, what is the maximum allowable benefit? The lump sum payment limit is based on the Internal Revenue Code Section 415(b) - Defined Benefit Annual Benefit Limit. The current annual benefit limit is $175000 but can be reduced due to factors such as payout prior to age 65, years of participation in the plan less than 10. A lump sum payment is actually the present value of your accrued monthly benefit determined based on interest rates and mortality tables that are governed by Federal Law and the Plan Document. A maximum allowable lump sum payment cannot be determined without knowing when it is being paid out, the amount of the accrued benefit, the interest rates and mortality tables being used. |
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