Why Have Governments' Defined Benefit Plans Survived?

While the use of pension plans for corporate employees has declined significantly in favor of 401(k) plans, defined benefit plans remain the norm for employees of state and local governments. In a research brief for the Center for Retirement Research at Boston College, authors Munnell, Haverstick and Soto examine the unique factors affecting governmental plans, including the impact of unionization and the regulatory environment. 

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