Public-sector workers have traditionally been covered by defined benefit (DB) plans that pay annuities or guaranteed streams of income in retirement. While privates-sector employers have predominately switched to offering only defined contribution (DC) plans, public-sector employers, for the most part, have retained their DB plan offerings along with a supplemental DC plan. In rare cases, the DC plan has become the primary plan offered by the public-sector employer, and in other cases, public-sector employers have offered hybrid plans (a combination plan that offers features of both DB and DC aspects).
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- September 20, 2022 Create Date
- September 20, 2022 Last Updated