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Detroit Bankruptcy Reveals Virtues of the Defined Contribution Retirement Plan Model
USA TODAY Link to more items from this source
Aug. 19, 2014
"Regardless of the final cuts imposed, the message is clear: promised city and county pension benefits are no longer sacrosanct, including those that are fully vested and supposedly guaranteed under state law.... The Detroit experience also means that public employees, who routinely have lobbied for oversized pensions local governments can't afford, need to realize that defined-benefit pensions may not be such a good deal after all. Defined-contribution pensions, such as the 401(k) or 403(b), where retirement benefits are not tied to the long-term financial health of a single business or local government, may be a better idea."

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