Defined benefit pensions head for extinction
A defined-benefit pension, which typically provided guaranteed monthly payments to workers when they retired, is headed for extinction, and remaining pension funds are in tough financial shape. According to a new report by Mercer, U.S. pensions plans are near their worst financial state in two years. They found by late 2019, the average pension fund had 85 percent of the funds necessary to meet its obligations over time due largely to low interest rates. Read article here…
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