When you hear someone talk about their company’s retirement plan, most people assume they are talking about their 401(k) or defined contribution plan. This is a fair assumption because most companies today use this model for their employees, but it is not always the case.
There are still many companies that have defined benefit or pension plans offered to their employees. They were much more popular years ago, but there are many industries where they are still the norm. Pension plans bring up their own set of unique problems and questions that require a skilled hand to solve.
We hope you enjoy this issue of Confero magazine on how to navigate the tricky world of defined benefit pension plans.