Rising income inequality is a byproduct of pension reform actions that have made people rely on defined contribution plans rather than defined benefit plans.
So says research from the National Conference on Public Employee Retirement Systems, which made the point in a paper titled "Income Inequality: Hidden Economic Cost of Prevailing Approaches to Pension Reforms."
The paper found that benefit cuts, larger employee contributions and conversion of DB plans into DC plans had a negative impact, not just on plan participants and their beneficiaries but on local economies, as well.
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