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This is the traditional "pension plan". It is designed to provide a monthly benefit at a set retirement age. The actuarial calculations determine the amount of contribution required each year to fund that benefit. For a small company or a sole proprietor, that monthly benefit is often converted to a lump sum at retirement and rolled over to an IRA. This takes away all of the complexity of the calculation used to accumulate the lump sum and leaves the use or spending of that amount, with some restrictions, to the individual.

Defined Contribution Plans

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