NATIONAL HARBOR, Md. – There’s very little that’s “defined” about defined contribution plans, leaving employees to their own devices and too often with little or no money saved for retirement, one of the government’s top retirement and health policy officials said Tuesday.
“Had we shifted properly” from defined benefit to defined contribution retirement plans in the years since the Employee Retirement Income Security Act was adopted in 1974, “we’d see more employers 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 its 40th year, at the American Society of Pension Professionals and Actuaries annual conference here.
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