NIRS: No money saved for 4 states that shifted to DC from DB plans
Four states that shifted to defined contribution from defined benefit plans did not save money, said new and updated case studies from the National Institute on Retirement Security. NIRS researchers updated prior case studies on Alaska, Michigan and West Virginia and created a new study on Kentucky. All of the states have switched new employees to defined contribution-only accounts to deal with pension underfunding and rising costs. According to an NIRS report on the studies, the changes increased overall [...]