The number of cash balance retirement plans has increased 21 percent in the past year, almost double the previous year's 11 percent growth rate.
Cash balance plans, which also are known as hybrids, combine the high contribution limits of traditional defined benefit plans with the flexibility and portability of a 401(k) plan, according to Kravitz's "2012 National Cash Balance Research Report."
There were 7,064 Cash Balance Plans active in 2010, the most recent year for which IRS data is available, up from 1,337 in 2001. That's 810 percent growth in under a decade. There are 11.1 million participants in Cash Balance Plans nationally, with $713 billion in total plan assets, the report found.
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