The book is : Tools & Techniques of Employee Benefit and Retirement Planning, 13th Edition, Leimberg & McFadden, The National Underwriter._x000D_
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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._x000D_
Explain in your own words, what the actuary€™s job is with respect to a defined benefit plan._x000D_
Explain why there is no such job for an actuary with respect to a defined contribution plan._x000D_
Explain what is meant by the phrase €œbuy an annuity€ in that paragraph._x000D_
Be sure you have read all of chapter 15 before you answer this question.Find Internal Revenue Code (IRC) Section 415._x000D_
What is the current maximum limit under IRC Section 415 for the projected annual benefit in a defined benefit plan beginning at age 65?_x000D_
What is the current IRC Section 415 limit for the maximum contribution to a defined contribution plan?_x000D_
After you have read chapters 16 and 17, answer these questions (4 points for each question)._x000D_
What these two types of pension plans are._x000D_
How they work_x000D_
How they are different from each other._x000D_
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NOTE: No quotations from other sources allowed and €œno fair€ finding a good explanation or comparison somewhere and just paraphrasing it so it looks like you wrote it._x000D_
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Read Chapters 20 and 21. Answer these questions. Four points for each question._x000D_
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?_x000D_
Why is a thrift plan sometimes used as an add-on to a 401(k) plan?_x000D_
Explain under what circumstances either of these plans might not be attractive to one employer but might be very attractive to another employer._x000D_
Why is a 401(k) plan sometime referred to as a CODA plan?_x000D_
(Two points) Explain how it is possible, in fact certain, for each of you to be a millionaire by age 60._x000D_
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