"For a DB participant with a deferred to 65 life annuity benefit of $1,000 per month, 2022 inflation has reduced the real value of that annuity to $939.... [T]he DC participant holds all risk -- asset performance, interest rate (e.g., the cost of annuitization), and inflation risk. Thus, for DC participants, ... decreases in real buying power from increased inflation were more than offset by gains from increases in interest rates."  MORE >>