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Plan Overview

BLUE CROSS BLUE SHIELD OF MI EMPLOYEES RETIREMENT ACCOUNT PLAN

Defined Benefit Cash balanace Plan
BLUE CROSS BLUE SHIELD OF MI EMPLOYEES RETIREMENT ACCOUNT PLAN is a Defined Benefit Cash Balance Plan which is essentially a blend between a traditional Defined Benefit and Defined Contribution plan because it has traits of both. Most cash balance plans are described and recognized as a Defined Benefit Plans because of the structure of individual accounts for each employee which are similar to 401(k) plans.

Under a cash balance plan the employee receives defined pension credits for each year of employment based on a set percentage of the employe's annual salary. For example if the employee's annual salary is $45,000.00, and the contribution rate is 5%, the annual contribution to the employee's cash balance plan would be $2,250.00. Along with this annual contribution the employee's plan will also gain interest value. The interest value is a set percentage and does not change, therefore, the employee has no control over how the funds in the plan are invested.

This type of plan often results in increased company profits and lower employee pensions.

Plan & Company Information:
CompanyBLUE CROSS & BLUE SHIELD OF MICHIGAN
600 E Lafayette Blvd
Detroit, MI 48226-2998
313-225-9000
Plan NameBLUE CROSS BLUE SHIELD OF MI EMPLOYEES RETIREMENT ACCOUNT PLAN
Plan Type Plan Type
Defined Benefit Cash Balance Plan
(Expanded Definition and Explanation)
Plan Administrator BLUE CROSS & BLUE SHIELD OF MICHIGAN
600 E Lafayette Blvd
Detroit, MI 48226-2998
313-225-9000
   
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