NATIONAL HARBOR, Md. – There’s very little that’s “defined”about defined contribution plans, leaving employees to their owndevices and too often with little or no money saved for retirement,one of the government’s top retirement and health policy officialssaid Tuesday.
“Had we shifted properly” from defined benefit to definedcontribution retirement plans in the years since the EmployeeRetirement Income Security Act was adopted in 1974, “we’d see moreemployers making defined contributions to their plans,” Mark Iwry,the Treasury Department’s deputy assistant secretary, said.
Iwry’s comments came during a retrospective of ERISA, now in its40th year, at the American Society of PensionProfessionals and Actuaries annual conference here.
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