Changing Landscape of Employment-based Retirement Benefits, by William J. Wiatrowski, Bureau of Labor Statistics, September 29, 2011
As the types of retirement benefits provided by employers have changed, so too have plan features. Retirement income comes from many sources, but except for the independently wealthy and those with large inheritances, the various sources of retirement income for most Americans have some relationship to their work. Social Security is funded by employer and employee payroll taxes. Employment-based retirement benefits, including defined benefit and defined contribution plans, are part of the compensation package of many workers. Personal savings can be built up over a lifetime, but often include Individual Retirement Accounts, which are only available to those who have earnings from work (and nonworking spouses). Further, earnings from current employment have become an increasingly common source of income for older Americans in recent years. This brief review of sources of retirement income will focus on employment-based retirement plans, with an eye toward changes in the types of plans available and changes in how these plans are structured.”
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