"It's been wrongly assumed that by switching [from a defined benefit plan] to a defined contribution plan all of the risk is transferred to the participants. While the risk for making ongoing contributions goes away, the risk of investment oversight increases. Poor investment returns on a pension plan mean that the plan sponsor has to kick in more dollars. In a defined contribution pension plan aka 401(k) plan, the risk shifts to investment and plan fee oversight.... Arguably the 401(k) plan increases complexity and the need for investment fiduciary literacy."  MORE >>