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Publication Date: 2006
Publisher: DIANE Publishing Company
Bovbjerg, Barbara D.
The nation's private defined benefit (DB) pension system, a key contributor to the financial security of millions of Americans, is in long-term decline. Since 1980, the number of participants in insured single employer DB plans has dropped from 27% in 1980, to 15% in 2002. Hybrid DB plans like cash balance (CB) plans may be a means to revitalize this declining system. This report: reviews current research about the implications of CB conversions for employee benefits; describes the prevalence & type of transition provisions used to protect workers' benefits in past CB conversions; & estimates the effects of CB conversions on the benefits of individual participants under a hypothetical conversion to a typical CB plan from a typical traditional DB plan.Bovbjerg, Barbara D. is the author of 'Private Pensions : Information on Cash Balance Pension Plans', published 2006 under ISBN 9781422304921 and ISBN 1422304922.