Accounting for defined contribution plans is easy and manageable as the calculation of the obligation that needs to be settled will be based on the amount that had to be paid to the scheme for that specific period. The contribution amount can be calculated based on the usage of the employee compensation formula. No actuarial assumptions are required in calculating the obligation and nor are the actuarial gains or losses required. The employer will recognize the contribution payable at the end of the period based on the service of the employee within that particular period. That amount will be deducted by any payments made to the employee within that period. Any excess payments will be considered as prepayments and will be deducted from the future contributions or the employee may even get a refund of funds for the same.
Benefits of Contribution Plans for the Employees
Portability: Contribution plans are highly portable as they will be paid directly into the accounts of the employees. It will allow the employees to simply take their accumulated funds when they shift from one job to another.
Immediate Vesting: In most of the contribution plans, the contributions made by the employer to the employeeâ€™s account will soon be considered as the property of the employee so that the employees can gain full benefit from the contribution plan upon retirement or resignation.
Personal Control: In contribution plans, the funds will be directly credited to the accounts of the employees while giving them full personal control over the money that has been funded by the employer. Employees can adopt different investment strategies that best suit their financial requirements and may even grow the investment or they may consume it for their personal needs.
Fair Benefits: The full benefits can be owned by the employee upon his retirement or resignation as the contribution plan provides the full personal control and immediate vesting over its funds. Therefore, the contribution plan always provides full and undistorted benefits while granting them access to the full value of the contribution.
Higher Benefits: Contribution plans offer unlimited benefits to the employees based on the type of investment plans that they are entitled and decided by the employer. Those with strong and higher-level investment plans will be hugely benefitting from the contribution plan. And even the average workers will be benefitting from it subsequently.
Freedom of Choice: The contribution plan provides enough freedom of choice for the employees. The employees can choose their own investments and even investment strategies. They will also be given the opportunity to choose their own benefit structures and may even change their benefits over time.
Benefits of Contribution Plan to the Taxpayers
No Investment Risk: Taxpayers will be benefitting from the contribution plans as they eliminate the risks of investment. The taxpayers can directly credit the accounts of the employees with their contribution of each month, unlike the benefits plan that maintains a common pool of money, which is risker as the repayment is not assured.
No Political Risk: Government intervention in contribution plans is low when compared to the benefit plans. Therefore, no political risks can be seen under contribution plans as the funds will be directly credited into the employeeâ€™s account, unlike the benefit plans that maintain a common pool of money where some governments use it to cover up the budget deficits.
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