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GAO Report Examines Increased Reliance on 401(k) Plans

Private Pensions: Increased Reliance on 401(k) Plans Calls for Better Information on Fees, Full-text GAO-07-530T, and Highlights, March 6, 2007.

  • “Over the past two decades there has been a noticeable shift in the types of plans employers are offering employees. Employers are increasingly moving away from traditional defined benefit plans to what has become the most dominant and fastest growing type of defined contribution plan, the 401(k). As more workers participate in 401(k) plans, they bear more of the responsibility for funding their retirement. Given the choices facing participants, specific information about the plan and plan options becomes more relevant than under defined benefit plans because participants are responsible for ensuring that they have adequate income at retirement.”
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