Question: How are defined benefit plans different from defined contribution plans? How are they similar? Cami (age 52 and married) was recently laid off by her
How are defined benefit plans different from defined contribution plans? How are they similar? Cami (age 52 and married) was recently laid off by her employer because of a drop in business due to the off coronavirus. Camis annual AGI was usually around $50,000. Shortly after Camis employment was terminated, her employer distributed the $75,000 balance of her employer-sponsored 401(k) account to her on June 1, 2020. What could Cami do to avoid being assessed the 10-percent early distribution penalty? How would you answer if the CARES Act had applied?
Pls. i really need assistance.
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