Bio for Michael Kreps
Michael P. Kreps
Pensions Counsel (Sen. Harkin)
U.S. Senate Committee on Health, Education, Labor & Pensions
Michael P. Kreps serves as Pensions Counsel to the Senate Committee on Health, Education, Labor & Pensions, where he advises Chairman Tom Harkin and other committee members on ERISA and retirement issues. Michael joined the HELP Committee after practicing employee benefits law at a law firm in Washington, DC. While in private practice, he specialized in the fiduciary responsibility and prohibited transaction rules under ERISA as well as the plan funding, termination and restructuring rules. Michael holds a J.D., with honors, from the George Washington University Law School and a B.A., with distinction, from the University of Colorado.
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A defined benefit plan is a pension plan, usually funded entirely by employer contributions, that pays benefits according to a formula. The formula is typically based on the participant's wages or salary and length of time spent working for an employer or group of employers. Defined benefit plans are also known as traditional or guaranteed pensions.