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Defined Benefit and Defined Contribution Plans and the Distribution of Family Wealth: CBO Working Paper 2023-02
Congressional Budget Office [CBO] Feb. 10, 2023 "Accounting for DB and DC wealth lowers the Gini coefficient in 2019 from 0.88 to 0.83 and reduces the share of wealth held by families in the top 10 percent of the distribution from 80 percent to 72 percent.... [T]he shift from DB to DC retirement coverage modestly affected wealth concentration overall. Between 1989 and 2019, that shift accounted for about a fifth of the increase in the Gini coefficient and a fifth of the increase in the share of wealth held by families in the top 10 percent of the wealth distribution.... Overall, estimates of retirement wealth and its effect on measures of wealth concentration are marginally sensitive to alternative modeling choices." |
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