Robin Diamonte, the chief investment officer of United Technologies, talks about her company’s new initiative to provide its employees with lifetime income through 401(k) plans.
June 24, 2013
By Robert Stowe England
For 30 years employers have steadily moved away from offering retiring workers lifetime income through a defined benefit program, attempting to escape the perceived disadvantages of traditional pension plans — including high costs, volatile and unpredictable cash contributions, and responsibility for unpredictable obligations. It’s no wonder that 401(k) and other defined contribution plans have become the dominant form of retirement benefit.
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