Over 30 companies in the Fortune 100 sponsor cash balance retirement plans for their employees. It is similar to a 401(k) in that each employee has an account, but it differs in that the employer decides not only the contribution to the account (for example, 4% of wages) but also specifies the annual return on the investment. I had not heard of cash balance retirement plans until my friend who worked for a time at PricewaterhouseCoopers told me about it, but more on that later.

The employer can decide that the annual investment return will be, for example, 6 percent,…
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