Much of the discussion surrounding defined benefit (DB) pension plans has centered upon plan level funding issues – discount rates, liabilities, contribution requirements and participant income security.
This discussion has reinforced concerns about the future of DB pensions: underfunding, frozen plans, 401(k) conversions, and little growth in new pension plans offered by employers.
These factors, while important, represent "micro," or plan-level issues and do not paint a complete picture of the role of DB pensions.
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