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Pension plans haven't been the reason to run the rat race for over a decade.
If you're not focused on 401(k), IRA, and brokerage for the rest, you're doing it wrong.
Most partners die within a decade of retirement (5-7 years?) so it’s not like they’re going to live long enough to enjoy it.
It was literally not based on any facts
The problems with defined benefit pension plans are typically being seen the most in government systems (City of Chicago, school systems, firefighters, etc.), and are often due to actuaries using aggressive interest rate and mortality table assumptions to make the numbers work out (often due to pressure from above).
If Big4 has to reduce liabilities by moving from defined benefit to defined contribution (which the rest of the country has pretty much done), I’d imagine PMD yearly income would have to skyrocket instead.
Defined benefit schemes are on the way out everywhere. They are always miscalculated and insanely expensive. Here in Europe, all the people retiring now were expected to die like 3 years after retirement but are now living way longer.
Basically, we are all screwed. The government needs to just default on its pensions liabilities and start again.