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Employers continue to move from traditional defined benefit pension plans providing monthly payments to 401(k) plans and other defined contribution plans providing lump-sum cash distributions. As a result, increasing numbers of retirees, now including baby boomers leaving the workplace, are faced with managing a cash distribution for 20 or 30 years and possibly running out of funds. Uncertain markets have made plan participants wary of their ability to maintain their nest eggs.
April 23