Total Accrued Benefit

Question 1

Question 1 – Amy participates in a 401(k ) plan through her employer, but does not plan on retiring anytime soon. She is 70 years old on the last day of this year, which means she is subject to mandatory minimum distribution rules on April 1 of the following year. If her qualified account balance as of the end of last year was $500,000 what will the minimum distribution she has to take from her 401(k) plan (round to the nearest dollar)? 
Note: Use the IRS Distribution Table on p. 688 of the text

Question 2 – Your company offers a defined benefit retirement plan, and stipulates that you must have 20 years of service in order to be fully vested in the plan, but allows for incremental vesting. You have been with the company for 15 years when you decide to leave the company for a job in another state.

A) At the appropriate retirement age, are you eligible for any pension pay out? 
B) What percent of the total accrued benefit would you be eligible for?

Question 3 – Your essay should be approximately 250 words on the following topic:

Managed care benefit plans are increasing in popularity in recent years, and the most typical managed care plans are HMOs and PPOs.

  • Define each type of managed care plan.
  • Compare and contrast
    • how providers are paid by each plan.
    • flexibility of each plan in terms of choosing a health care provider in and out of network.
    • usage of gatekeepers.
  • If you had to choose one of these types of plans for your own benefits coverage, which would you choose and why?

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