Defined Contribution

The Retirement for All CT Coalition held a press conference on the steps of the state Capitol in Hartford touting a bill sponsored by state Senate Majority Leader Martin Looney, a Democrat.

Policy changes, product innovations and improved plan design decisions by plan sponsors have made todays DC plans a much better retirement system than they were even 10 years ago, a study found.

Most of the growth will be in defined contribution plans, although a report from PricewaterhouseCoopers says traditional pension plans will remain viable until mid-century.

The funds will stop accepting new money and existing investors can sell their shares or be paid by KKR when it liquidates the pools.

Stocks rose, sending the Standard & Poors 500 Index higher for a fourth day, as Federal Reserve Chairman Janet Yellen said more work is needed to restore the labor market.

When the company made the announcement last week, many people in the industry said they would believe it when they see it. Schwab announced more than two years ago that it would develop an ETF-based 401(k) platform but never rolled one out.