Employer-based retirement plans and individual retirement accounts continue to grow in importance as a source of retirement income for both public and private-sector retirees, according to new analysis by Craig Copeland of the Employee Benefit Research Institute.
In the public sector, defined benefit pensions continue to be the top type of retirement plan, although many are turning to defined contribution plans as well. In the private sector, DB plans have declined for many years, replaced by DC plans.
According to the Federal Reserve, there was $4.87 trillion in defined benefit plans in 2011. Defined contribution plans held $3.86 trillion and IRAs held $2.21 trillion.
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