As more retirement benefits are provided through defined contribution (DC) plans, attention is needed to focus on risk protection, specifically with long-term disability.
However, many employers do not focus on how disability can threaten retirement security for their employees – which is alarming because a period of disability usually means no new retirement savings, and may mean accumulated savings are withdrawn and spent on immediate expenses.
Prior to the transition to DC plans, it was common for disability to be addressed through a combination of disability benefits, disability provisions embedded in defined benefit (DB) pension plans, waiver of premium provisions in life insurance plans, and at times, continuation of medical benefits to disabled employees.
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