An Update on 401(k) Plans: Insights from the 2007 SCF
The Survey of Consumer Finances is a triennial survey of a nationally representative sample of U.S. households, which collects detailed information on households’ assets, liabilities, and demographic characteristics. Given the collapse of the financial markets and the economy, this Issue in Brief uses the 2007 SCF data as a starting point in evaluating the condition of 401(k)s and relies on more recent data and estimates to paint a full and current picture.
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We're hearing from people around the country who are worried about cuts to their pensions. These are their stories.
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Did You Know?
A defined benefit plan is a pension plan, usually funded entirely by employer contributions, that pays benefits according to a formula. The formula is typically based on the participant's wages or salary and length of time spent working for an employer or group of employers. Defined benefit plans are also known as traditional or guaranteed pensions.