The nature of pension plans with focus on defined contribution pension Research Paper

The nature of pension plans with focus on defined contribution pension plans and defined benefit pension plans - Research Paper Example â€Å"Actually, an individual who periodically invests in stocks, bonds, certificates of deposit (CDs), or other investments for the purpose of saving for retirement is establishing a personal pension fund. Often, such individual plans take the form of individual retirement accounts (IRAs) to take advantage of tax breaks offered by that arrangement† (Part A: The nature of Pension Plans n.d. p. 1010). Pension funds must be controlled. They have managerial responsibilities? create decisions on the subject of benefits and entitlements and, in some cases, guarantee that long-term duties are met in the circumstance of uncertainty and risk. As such, it is debatable that pension funds are like other financial organizations, which have objectives and goals in addition to procedures that help attain these objectives and goals are realized. Pension plans often increase productivity, decrease turnover, gratify union demands and permit employers to fight in the labor market. Corporations set up pension plans for various reasons. Sponsorship of such plans provides workers with an amount of security during the time of retirement and accomplishes a moral duty felt by many employers. This security also encourages the level of job satisfaction and possibly loyalty that might increase productivity and decrease turnover. Defined Contribution Plans: A defined-contribution plan is a kind of plan in which workers’ benefit for the period of retirement depends on the contributions made as well as the performance of the investment of the assets in his or her account, rather than on the workers’ years of service or history of earnings. Like a classic savings account, a defined-contribution account includes a particular balance at any given time, which is up to the market value of the assets gathered in the account. Unlike in the case of a defined-benefit plan, workers have significant control over how the donations and contributions to their plan are invested and ma y normally prefer an assortment of stocks (frequently including company stock), mutual funds, bonds, and other investment vehicles. These pension plans assure fixed yearly contributions to the pension fund (say, 5% of the workers pay). Employees prefer (from designated alternatives) where funds are invested generally? that is? in fixed-income or stocks securities. Retirement disburse depends on the volume of the fund available during retirement. In a defined contribution plan, investment rewards and investment risks are assumed by every worker or retiree and not by the employer or sponsor. This risk could be considerable. Based on simulations from safety returns over the 20th century across 16 states, there can be seen substantial variation in pension fund ratios across both the country as well as different time periods in the same country. â€Å"There are several types of defined contribution plans, including money purchase plans, profit-sharing plans, 401(k) arrangements, savings plans, and employee stock ownership plans (ESOPs). These are described briefly below† (Defined Benefits and Defined Contribution Plans: Understanding the Differences, n.d. p. 2). Advantages: Observe money and develop

St. Johns Riverside Hospital- Health Information Management Essay

St. Johns Riverside Hospital- Health Information Management - Essay Example Annually, the hospital serves more than 100,000 patients. Additionally, the hospital has a dedicated team of IT staff members consisting of 17 managers who ensure that patient electronic records and medication inventory trackers are up to date. Definitely, with such a good number of nurses and IT professionals, the hospital has maintained quality standards needed in the health center and enjoyed unwavering support from patients happy with services received. Thus, being an individual who values teamwork and coordination to achieve results as seen in the case St. John’s Secondly, for over seven years St. John’s Riverside Hospital had used a traditional infrastructure with regard to patient database and storage space. However, when the need to advance towards a better system arose, the hospital did not waste time. It expanded and updated its technology. Initially, the hospital had only 40TB of storage systems which proved inadequate for physical space loads. Also, the hosp ital’s legacy servers had reached subscription limits and the chances of the servers crushing were high. The hospital knowing it could not be left in such a compromising situation adopted OmniCube as a solution. Thus, with OmniCube came ease of management, installation and even data transfer. The advantages of the updated system came in abundance for St. John’s Riverside Hospital. There was decrease in backup times; the risk of data loss was also minimized since backup was instantaneous.