This is due to the fact, that new hires will not receive the defined contribution plan.
FORBES: Evaluating the Terms of the New Deal Between the NFL and Referees
Defined contribution plan participants, such as 401(k) investors, are far more aware of the deterioration in their retirement savings.
On the other hand, instituting a defined contribution plan could save San Diego from creating a future fiscal nightmare.
While the referees maintain the defined contribution plan for a period of time, the NFL arguably won on this issue.
FORBES: Evaluating the Terms of the New Deal Between the NFL and Referees
Should pension fiduciaries be comforted that Congress has approved pension legislation that expressly permits providing independent advice to defined contribution plan participants?
FORBES: More Worries for Defined Contribution Plan Fiduciaries (August 31, 2006)
We still believe that Vanguard is among the best mutual fund companies offering defined contribution plan investment management, recordkeeping and administrative services.
FORBES: More Worries for Defined Contribution Plan Fiduciaries (August 31, 2006)
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)
Public-sector unions are enjoying defined benefit plans, whereas the rest of lucky America who has a retirement plan has a defined contribution plan.
Earlier this month a bill placing all new state employees in a defined contribution plan passed a subcommittee of the Florida House of Representatives.
FORBES: How One Florida County Built A Better 457 Retirement Plan For Its Workers
Of course today people like IBM have a defined contribution plan.
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Given the current legal environment, in our opinion, no defined contribution plan sponsor should smugly conclude he is not at risk or unduly rely upon the assurances of his legal advisors.
To make this move, you have to work for a company that offers both a 401(k) defined contribution plan and a traditional defined benefit pension plan, and offers the option to roll assets from the former (the DC plan) to the latter (the DB pension).
FORBES: How To Make Your 401(k) Last Forever: The Pension Rollover
He would turn Medicare into a defined contribution plan that would pay retirees who turn 65 in 2021 or later a defined contribution equal to the average federal cost of a Medicare retiree in 2012 (less the Medicare premiums), which would then be allowed to grow at 1 percent a year.
The 401(k) plan accelerated in 1986, when Congress passed legislation permitting the replacement of the defined-benefit plan offered to government workers with a less attractive defined-benefit plan and an attractive defined-contribution plan.
For pilots, it sponsors a defined-benefit pension plan, a defined-contribution plan and gives access to a 401(k) that doesn't include any company match.
Union leaders said that they liked the look of the raise, but that what they really needed was a defined-benefit pension plan, not the defined-contribution plan that management had offered them.
Currently, 55% of plan sponsors enroll workers automatically in their employer-provided defined-contribution plan, up from 24% in 2006.
Using a defined-contribution plan, such as 401(k), is one way to achieve smooth benefit accrual.
State and local governments that are currently outside of Social Security are giving serious consideration to shifting to a defined-contribution plan, as Utah has recently done.
FORBES: How Three Texas Counties Created Personal Social Security Accounts and Prospered
If your earnings are more modest, you may be able to use an off-the-shelf "defined contribution" plan from a mutual fund company, broker, bank or insurance company.
Not only does it require Florida's police and firefighters' pension funds to divest from companies with active business ties to Iran and Sudan, it also mandates that the state provide a "terror-free" investment option for state employees participating in Florida's defined contribution retirement plan.
The real issue is Democrats know that if a defined-contribution Medicare plan that depends on private sector health insurers becomes really popular, it would open the door to a privatized Medicare system which is why they cut Medicare Advantage allotments in ObamaCare.
Most proposals for creating a defined-contribution alternative to a state pension plan or Social Security use an IRA or 401(k) model.
FORBES: How Three Texas Counties Created Personal Social Security Accounts and Prospered
Instead, over 60% of their income is expected to come from defined contribution plans and other savings outside their retirement plan.
FORBES: How You Can Adopt the "7 Habits of Highly Confident Retirees"
One piece of that plan was to implement a new defined contribution market that would make it easier for small businesses to offer health insurance to their employees.
Some seminars are designed to educate employees on plan switches--usually to a defined contribution from a defined benefit setup.
For defined contribution plans (where participants choose among investments), plan sponsors should more carefully scrutinize the intermediaries and managers they entrust with assets, especially now that so many hidden financial arrangements between these parties have surfaced.
For starters, the majority of defined-contribution plans haven't added the Roth 401(k) in-plan conversion option since it was created by a federal law nearly two years ago.
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