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The actuary’s role in funding a defined benefit plan

The book is : Tools & Techniques of Employee Benefit and Retirement Planning, 13th Edition, Leimberg & McFadden, The National Underwriter.


Study page 140. In the right hand column of that page, in the fourth paragraph of that column, there is an explanation of the actuary’s role in funding a defined benefit plan.
Explain in your own words, what the actuary’s job is with respect to a defined benefit plan.
Explain why there is no such job for an actuary with respect to a defined contribution plan.
Explain what is meant by the phrase “buy an annuity” in that paragraph.
Be sure you have read all of chapter 15 before you answer this question.Find Internal Revenue Code (IRC) Section 415.
What is the current maximum limit under IRC Section 415 for the projected annual benefit in a defined benefit plan beginning at age 65?
What is the current IRC Section 415 limit for the maximum contribution to a defined contribution plan?
After you have read chapters 16 and 17, answer these questions (4 points for each question).
What these two types of pension plans are.
How they work
How they are different from each other.

NOTE: No quotations from other sources allowed and “no fair” finding a good explanation or comparison somewhere and just paraphrasing it so it looks like you wrote it.

Read Chapters 20 and 21. Answer these questions. Four points for each question.
With respect to the taxation of employer contributions to each type of plan, how is a savings/match plan (aka a thrift plan) different from a 401(k) plan?
Why is a thrift plan sometimes used as an add-on to a 401(k) plan?
Explain under what circumstances either of these plans might not be attractive to one employer but might be very attractive to another employer.
Why is a 401(k) plan sometime referred to as a CODA plan?
(Two points) Explain how it is possible, in fact certain, for each of you to be a millionaire by age 60.

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