In a Forbes column, Dan Doonan says that retirement plan design can make or break an employee’s ability to maintain their standard of living in retirement. But over the past several decades, many private sector companies implemented a complete overhaul in retirement plan design, shifting from defined benefit pensions to 401(k)-style defined contribution accounts.
As a result of the shift from pensions to 401(k) accounts, more and more Americans are far off-track in terms of saving enough on their own to ensure a secure retirement. Now may be the time for private sector companies with closed pension plans to take a strategic look at their retirement plan design options. Read the full column here.