The Pension Benefit Guarantee Corp. raised the maximum amount of a pension it will guarantee. Good news for those with old-fashioned defined benefit pensions.
The disappearance of old-fashioned pensions is changing the way we think about retirement and how we pay for it. Prudential Retirement examined the financial impact of having a defined-contribution plan like a 401(k) compared to having a defined-benefit pension, which is the old-fashioned kind. I found Prudential’s conclusions troubling because they confirm the difficulty that
If you are one of the lucky people who are entitled to an old-fashioned defined benefit pension, you can feel encouraged that the likelihood that you’ll get the retirement benefits that are owed you is improving. The typical U.S. corporate pension plan was 88.5 percent funded in March, according to statistics published by BNY Mellon