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Reply to "Ford says pensions are a plan of the past"
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[quote=Anonymous]DB plans mean the employer takes on the risk of both investment returns and long life of beneficiaries. DC plans put all the risk on the employee. Montgomery County did something really clever which is they created a DC plan with a guaranteed return. Just like a 401k you pay into it and the employer matches, and when you retire, you have to figure out how to make your money last you long enough. But while you are working, you are earning a set percentage return and the employer has to figure out how to invest the money to get that return (and may save money when the stock market is good and lose money when it's bad). I think it's a really good balance. And after you vest (I think it's 3 years?) you can leave and keep your money in that plan until you retire. No need to sit around waiting for a magical date (though you do need to do that for retiree health benefits which is a different story).[/quote]
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