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defined-contribution pension plan |
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It also upheld the creation of a defined-contribution pension plan, similar to the 401(k) plans that have gained favor with private employers, for PERS-covered employees hired after August 2003. ``By moving to defined-contribution pension plans like private workers (have), governmental agencies can save money, increase their budgeting predictability and not incur any new unfunded liabilities. Even as more companies offer defined-contribution pension plans, nearly a third of the Fortune 100 companies now offer employees so-called "hybrid" plans, an increase from 22 hybrids for the same group in 1998, according to a study by consulting firm Watson Wyatt Worldwide, Bethesda, Md. |
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