Description: The traditional defined-benefit (DB) plan is a type of plan structured to provide the greatest degree of retirement income security, designed to pay out a guaranteed retirement income for the life of the retiree (and, when applicable, a beneficiary). However, over the last several decades, the number of private-sector employees covered under these traditional plans has decreased dramatically and been replaced by defined contribution (DC) plans. In contrast, public-sector retirement plans, which are exempt from ERISA, have seen a much smaller decline in DB plans. There are many differences in the private and public sector that likely contributed to this phenomenon, but ERISA and the many amendments to it has been a major factor.

Description: 1994 SOA Meeting, San Antonio. This session provided an update from representatives of the IRS and the Department of the Treasury on several topics including: 1. PBGC issues. 2. Social Security issues. 3. Health care issues. 4. Title I issues. 5. Broad principles underlying some remedial amendment period issues.