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Retirement 20/20: A Reference to Perfect 20/20 Vision and Our Desire to Bring an Uncertain Retirement Future into Focus
Society of Actuaries May 12, 2009 Excerpt: Retirement 20/20 was born in an 'A?ha!' moment when we realized that we essentially live in a binary regulatory structure, as far as pension plans are concerned. Pension plans are either employer?sponsored DB or employer?sponsored DC; there are a few exceptions in the United States and Canada, but not many. The analogy that we drew was a world of two flavors of ice cream: vanilla and chocolate. For whatever reasons, many people decided that chocolate -- the DB plan -- wasn't what they wanted. If you don't want chocolate, and you only have two choices, vanilla becomes a very popular option. But it's not because you prefer vanilla over a range of other flavors -- if strawberry, butter pecan, rocky road, mocha and peppermint were offered, one of those might be more to your liking. Retirement 20/20 was born to explore the third (and fourth and fifth) way -- what else could we do to design a retirement plan that did a better job of protecting individuals from the risks of retirement without putting the risk of a long?term liability solely on the employer. |
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