what is a statutory hybrid plan
of it. A âstatutory hybrid planâ is defined as a âdefined benefit plan that contains a statutory hybrid benefit formula.â2 A âstatutory hybrid benefit formulaâ is, in turn, a benefit formula that is a âlump sum-based benefit formula or a formula that is not a lump sum-based benefit formula but that has an effect similar to a lump sum-based benefit formulaâ.3