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The Adequacy of Defined Contribution Plans: Time for the Brutal Truth?
Pension Pulse Link to more items from this source
[Opinion]
Oct. 9, 2014
"[W]hile shifting to defined-contribution plans might make perfect rational sense for a private company, the state ends up paying the higher social costs of such a shift.... if you think defined-contribution plans are the solution, think again. Why? Apart from the fact that they're more costly because they don't pool resources and lower fees, or pool investment risk and longevity risk. They are also subject to the vagaries of public markets, which will be very volatile in the decade(s) ahead and won't offer anything close to the returns of the last 30 years."

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