Baby Boomer wealth enabled by growth of defined contribution plans: Analysis

News stories about the Baby Boomer generation’s accumulation of wealth and how it will be transferred overlook a key reason for these gains: the shift in the private sector to defined contribution pension plan from defined benefit pension plans, according to City Journal. The shift to pension plans with individual savings accounts placed an unprecedented amount of money in the hands of boomers, while exposing problems with the defined benefit systems that persist today in the  public sector.

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