Defined benefit pensions remain highly economically efficient, or so says the National Institute on Retirement Security.

The institute on Thursday highlighted several key "efficiencies of DB pensions" that enable them to deliver the same retirement income at what it said was half the cost of a typical DC individual account. 

According to its study, "Still a Better Bang for the Buck: An Update on the Economic Efficiencies of Defined Benefit Pensions," DB plans continue to be 48 percent cheaper than DC plans — 29 percent cheaper than an "ideal" DC plan — and provide better benefits.

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