DB Pensions - Know the Facts

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UNITED STATES The first generation of Americans in which a high percentage have Defined Contribution plans (or 401k's as they are identified in the U.S.) is beginning to retire. It's not pretty. According to data compiled by the Federal Reserve and analyzed by the Centre for Retirement Research at Boston College, the median household headed by someone aged 60 to 62 with a DC account has less than 25% of what they would need to maintain their standard of living in retirement. As a result many are postponing retirement, moving to cheaper housing, buying less expensive food, cutting back on travel, taking bigger risks with investments and making other sacrifices, with many looking at working well into their 70s. – 18 –
While this is all very depressing, a growing number of jurisdictions are doing something about it. While states like West Virginia have reversed its move away from Defined Benefit pensions, others have learned from its example and aren't switching in the first place. One of the latest is New York City, where the city comptroller launched a major study which convinced him the city will be better off to stick with its Defined Benefit plan for city employees.
Page 1: DEFINED BENEFIT PENSION PLAN KNOW T
Page 4 and 5: THE DIFFERENCE Defined Benefit pens
Page 6 and 7: THE MYTH THAT DEFINED CONTRIBUTION
Page 8 and 9: And here's another one: 2. DB plans
Page 10 and 11: The better solution is to provide a
Page 12 and 13: The Pension Research Council of the
Page 14 and 15: Here's some of what John Crooker, r
Page 16 and 17: WE SHOULD LEARN FROM HISTORY Winsto
Page 18 and 19: Many would say the West Virginia te
Page 22 and 23: CANADA That's the Australian and Am
Page 24 and 25: DO DEFINED BENEFIT PLANS NEED TO BE
Page 26: Because of these two factors, spons

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