Are employees more likely to favor defined contribution retirement plans over defined benefit retirement plans (pension plans)? How about employers?
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Management: Defined Contribution Retirement Plans versus the Defined Benefit Retirement Plans (Pension Plans
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Whether Employees Favor Defined Benefits or Defined Contribution Retirement Plans
The qualified plans can be classified as either defined benefits or defined contributions (Mathis et al., 2013, p. 459). The defined contribution is a retirement plan where the employee, employer, or both make contributions with no promised payout of future funds. In contrast, the defined benefits plans offer automatic payouts upon the employee retirement, at employer set formula that factors the years of service and salary scale. The defined benefits plans are most common and are preferred by the employees. The defined contribution plans involves the employee and employer contributions, upon which the contributions are invested at the discretion of the em…………………………………….…………………………………………………………………………………………………………………………………………………………………………………………………………………………….
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