The truth is that defined contribution plans have been a mess since their inception.
People with a 'defined contribution' pension can simply hold off on buying an annuity.
Unfortunately, we estimate that well over 90% of defined contribution plans are not operated properly.
In recent years, defined contribution plans have been steadily replacing defined benefit plans across most industries.
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That is, all sorts of employer-sponsored provision, whether defined benefit, defined contribution or hybrid.
The bill will switch part of pension compensation from a defined benefit to a defined contribution.
The 3, 800 staff affected will be offered membership of the company's defined contribution scheme instead.
That's because of a crucial difference between defined contribution plans like 401(k)s and defined benefit pensions.
This is due to the fact, that new hires will not receive the defined contribution plan.
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To punish private sector defined contribution plans and reward public sector defined benefit plans is egregiously self-serving.
The investment performance shortfall between defined contribution and defined benefit plans cannot be blamed entirely upon participants.
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We'll look at state pensions, defined benefit and defined contribution pensions, personal pensions and self-invested personal pensions.
These defined contribution retirement plans permit largely public sector workers to defer a portion of their compensation.
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This total would include the sum balances of a traditional IRA, Roth IRA, 401(k) and defined contribution plans.
The private sector mostly has defined contribution retirement plans whereas government union workers mostly have defined benefit plans.
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Worst still are the high cost variable annuities with mutual fund clones that pervade the governmental defined contribution plans.
Defined contribution plan participants, such as 401(k) investors, are far more aware of the deterioration in their retirement savings.
Some seminars are designed to educate employees on plan switches--usually to a defined contribution from a defined benefit setup.
Currently, over 4, 000 people are getting the advantages of participating in a defined contribution health arrangement through the Exchange.
On the other hand, instituting a defined contribution plan could save San Diego from creating a future fiscal nightmare.
The rest have only defined contribution plans, such as profit-sharing plans and 401(k)s.
Defined contribution plans, which are simpler because they spell out only the money going in, are getting more generous, too.
While the referees maintain the defined contribution plan for a period of time, the NFL arguably won on this issue.
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Instead, over 60% of their income is expected to come from defined contribution plans and other savings outside their retirement plan.
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Workers at Severn Trent are being consulted over proposals for existing pensions to be replaced by one new defined contribution scheme.
Defined contribution schemes, where the employee builds up a pension pot via investments, are the typical replacement for a company's final-salary scheme.
Who would have thought that this broad-based attack upon defined contribution plans would follow the well- documented demise of defined benefit plans?
Should pension fiduciaries be comforted that Congress has approved pension legislation that expressly permits providing independent advice to defined contribution plan participants?
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We still believe that Vanguard is among the best mutual fund companies offering defined contribution plan investment management, recordkeeping and administrative services.
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But a recent experience involving advising a defined contribution plan moving its assets to Vanguard has left us with an uneasy feeling.
FORBES: More Worries for Defined Contribution Plan Fiduciaries (August 31, 2006)
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