Pressure has fallen on the defined contribution strategy as retirement plan sponsors have shifted the defined benefit plan away from being the primary retirement option offered to employees, according to a recent research paper.
Nearly 74% of participating plan sponsors now offer more than once retirement income benefit to at least some segment of their employees, according to SEI Investments Company, which surveyed 231 executives from DC plan sponsors in the U.S. at the end of 2015. While nearly 64% of respondents say they still offer employees a DB plan, nearly 30% offer supplemental savings plans in addition to the DC plan.
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