Defined Benefit Pensions: Plan Freezes Affect Millions of Participants and May Pose Retirement Income Challenges
Description:
A letter report issued by the Government Accountability Office with an abstract that begins "Private defined benefit (DB) pension plans are an important source of retirement income for millions of Americans. However, from 1990 to 2006, plan sponsors have voluntarily terminated over 61,000 sufficiently funded single-employer DB plans. An event preceding at least some of these terminations was a so-called plan "freeze"--an amendment to the plan to limit some or all future pension accruals for som…
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Date:
July 21, 2008
Creator:
United States. Government Accountability Office.