Private defined benefit (DB) pension plans are an

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Defined Benefit Pensions: Plan Freezes Affect Millions of Participants and May Pose Retirement Income Challenges

Private defined benefit (DB) pension plans are an

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By Barbara D. Bovbjerg (au)
Year: 2008
Pages: 57
Binding Paperback

Product Code: 1437908381

Description

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 some or all plan participants. This report examines: (1) the extent to which DB pension plans are frozen and the characteristics of frozen plans; and (2) the implications of these freezes for plan participants, plan sponsors, and the Pension Benefit Guaranty Corp. (PBGC). Charts and tables.

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