benefit formula provision definition
benefit formula provision means, collectively, a traditional defined benefit provision, a target benefit provision, or a provision prescribed to be a benefit formula. This last concept was introduced to provide greater flexibility in legislation to recognize and accommodate different benefit designs that may be developed at a future date.
benefit formula provision means, collectively, a traditional defined benefit provision, a target benefit provision, or a provision prescribed to be a benefit formula provision. The ability to prescribe new plan designs as a benefit formula provision provides greater flexibility in legislation to recognize and accommodate different benefit designs that may be developed in the future.