12/10/12 – Pension Plan Modifications Provide Sustainability (National Institute on Retirement Security)

Faced with financial pressures, 45 states have enacted defined benefit (DB) pension plan reforms since 2008 to achieve affordability, sustainability, and human resource goals rather than switching to 401(k) type defined contribution (DC) accounts. Closing a defined benefit pension plan can cost substantially more than adjusting an existing plan. Additionally, scaling back pensions can have destabilizing economic impacts, erode retirement security, and harm the workforce.

Read the full article at the National Institute for Retirement Security.