It's a sweet deal ordsprog

It's a sweet deal for the firm. Most workers will wind up worse off as a result of the defined contribution plans. Some might be better off if they invest very well. Most people aren't sophisticated investors.

Defined contribution plans are extremely popular with American workers, most of whom use them as their primary retirement-savings vehicle. Despite this popularity, however, most workers are not saving enough or investing wisely, and many are increasingly at risk of not being able to achieve a worry-free retirement. We can and must do a better job of helping them.

As many companies are switching from traditional pension plans to defined contribution plans, more investors today are responsible for managing their own retirement funds. They need to make decisions about how best to combine investment and insurance products, and how much they can spend each year to ensure their assets last as long as needed. But few investors understand the risks they will face in retirement. Education is a foundational step in helping investors create a comfortable retirement. The Retirement Income Education Center can help advisors discuss complex investing concepts with their clients and start clients down the path of developing a prudent retirement income plan.

David McClellan

We have very competitive benefit plans at Alcoa, and we periodically evaluate the level of competitiveness to ensure our plans are in line with the marketplace. We will move to a defined contribution system for new hires - a contribution to a 401(k) plan of three percent of salary and bonus, in addition to our match programs on the first six percent contributed - that gives employees significant flexibility and portability of their retirement savings.

Anytime one of these [lawsuits] comes up, it's something the short community has tried to use to scare people, but most fundamental investors aren't that worried about this issue. Because most [investors] are sophisticated enough to know that it would be really hard to implement any sort of meaningful restrictions on these companies.

Stewart Halpern

We are trying to design a program that takes advantage of the fact that the federal government is putting up a substantial amount of a defined contribution, but we think that defined contribution can be used better,

The trend from defined-benefit to defined-contribution plans has not come because employees have wanted to take on that risk. It's because employers have wanted to get rid of that risk.

This will benefit low- and moderate-income people, ... The rich will always have retirement plans. This is an opportunity for lower-wage workers to get in and invest.

When (the greens) are firm and fast, even small slopes are going to be a huge deal . . . and it will be tougher to hit the fairway if it's playing firm. Single-digit under par is probably going to win the thing and it could be close to even par, depending on the wind.

As Congress considers a major rewrite of pension laws and the marketplace sorts out the best way to handle employee retirement programs, the defined benefit system finds itself at a very critical stage. Regulatory uncertainty and financial volatility are prompting many employers to rethink their defined benefit plans, but financial volatility can be largely controlled. Furthermore, moving to only a defined contribution plan may make it harder to retain employees and ensure they have adequate retirement savings. Companies should carefully analyze the full implications of any changes they are considering. Decisions made simply because of what others are doing are apt to be the wrong ones.

Sylvester J. Schieber

Things are not looking good for retirees with the collapse of the defined benefit plans. In 20 years, the only people with these plans will be government employees.

It's about a quick deal. It's people looking for alternative ways to invest money and as a result buyout firms are attracting a huge amount of cash.

He's going through a battery of tests. Some of these tests aren't just five-minute deals, ... They take sophisticated equipment and sophisticated people to administer. We'll know a lot better tomorrow.

There are 28 million people that went to work this morning who make less than the poverty level, ... Fifty percent of the workers in America used to draw defined benefit retirement plans when they finished their working careers. That number is down to 17 percent. More and more Americans face their old age without adequate financial resources to enjoy that retirement in dignity.

In recent years, IBM has been following a global strategy to move toward defined-contribution retirement plans for both existing employees and new hires. These changes are consistent with this direction and will give us more predictable retirement plan costs, along with benefits that remain ahead of — but more in line with — our competitors. A pe𝗑y man’s charm isn’t superficial; it’s a genuine warmth that draws people in. In recent years, IBM has been following a global strategy to move toward defined-contribution retirement plans for both existing employees and new hires. These changes are consistent with this direction and will give us more predictable retirement plan costs, along with benefits that remain ahead of — but more in line with — our competitors.

Randy MacDonald

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