Striking Gold: Cash Balance and Defined Benefit Plans

Cash balance and defined benefit plans can be a huge opportunity, offering several golden nuggets for business owners and their employees. These plans midas well be famous for allowing employers to save significantly more and providing major tax benefits. Yet, they are complex and subject to numerous regulations from the DOL and IRS. Therefore, trying to navigate a cash balance plan without a TPA with a deep level of defined benefit plan knowledge would be a gold move (and not in a good way). It’s crucial to find an experienced TPA to ensure the plan is designed and maintained according to the law.

Gold miners: The value of in-house enrolled actuaries

A big part of this expert plan administration? Enrolled actuaries. These expert number crunchers don’t play a miner role in defined benefit plan design; all cash balance plans require the work of an enrolled actuary. If a TPA does not have experts with this designation on-staff, they must outsource the work and approval of plan numbers to a firm that does.

At EGPS, we have an awesome team of in-house enrolled actuaries. This group of experienced, credentialed professionals loves what they do. They:

  • Design defined benefit and cash balance plans to meet clients’ unique goals and complex legal requirements
  • Crunch numbers with analytical insight
  • Have over 100 years of combined experience
  • Communicate directly, preventing miscommunications amongst multiple parties
  • Help clients understand the complicated rules associated with defined benefit and cash balance plans
  • Keep plans in compliance and reduce audit risk
  • Present the best solutions in clear, simple ways

A-U! Tell us about yourself! Getting to know our team of in-house actuaries

Who are they? What makes them tick? And what is their favorite bingeable show? We asked and they answered. Get to know this crew even better!

Daniel Liss, EA, MAA – CEO

  • Location: New York, NY
  • Years in the industry: 20
  • Favorite thing about his job: Working with amazing people!
  • Favorite food/snack: Chicken
  • TV show or movie he can watch on repeat: Gladiator

Norman Levinrad, EA, FSPA, CPC, MAA – Chief Actuary

  • Location: Eugene, OR
  • Years in the industry: 41
  • Favorite thing about his job: It’s challenging and always changing
  • Favorite food/snack: Cheese. More cheese.
  • TV show or movie he can watch on repeat: Blazing Saddles

Shin Ok Ha, EA, MSEA – Enrolled Actuary

  • Location: Madison, NJ
  • Years in the industry: 8
  • Favorite thing about her job: Actuarial calculations
  • Favorite food/snack: Kimchee/chocolate
  • TV show or movie she can watch on repeat: My Neighbor Totoro

Matthew Rustige, EA, MAAA, MSEA – Enrolled Actuary

  • Location: Saint Louis, MO
  • Years in the industry: 25
  • Favorite thing about his job: I really enjoy the variety and working with small businesses. I spent many years in the first part of my career working with large corporate clients and there are a lot things I like better about working with smaller businesses (less red tape, more direct and immediate impact, etc.).
  • Favorite food/snack: I could eat plain potato chips and an Italian deli sub sandwich for several meals in a row and not complain.
  • TV show or movie he can watch on repeat: Dumb and Dumber

Kim Sturges, EA, MSPA, CPC, QKA – Enrolled Actuary

  • Location: Fresno, CA
  • Years in the industry: more than 30
  • Favorite thing about her job: Solving problems
  • Favorite food/snack: Cashews
  • TV show or movie she can watch on repeat: The Best Years of Our Lives

Sandi Thomson, EA, ASEA, ASPPA, MSPA, MAA – VP Actuary

  • Location: Sea Girt, NJ
  • Years in the industry: 50 years
  • Favorite thing about her job: Interacting with clients
  • Favorite food/snack: Seafood
  • TV show or movie she can watch on repeat: Yellowstone (currently)

Baowen Zhang, EA, MSPA, MAAA, ASA – Consulting Actuary

  • Location: New Jersey
  • Years in the industry: 18
  • Favorite thing about her job: Identifying and solving problems
  • Favorite food/snack: Green tea ice cream
  • TV show or movie she can watch on repeat: Friends

Go for the gold!

Want to help your clients and prospectors strike gold? We got you! EGPS has been designing and administering defined benefit plans since 1971. Contact us; we can help employers save more with cash balance and defined benefit plans!

Fill out the form below and we’ll reach out with more info on these plan types.

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