A defined benefit plan (DB) is a pension plan where the plan sponsor such as an employer assumes responsibility for directing and managing all plan assets. In contrast to a defined contribution plan, the plan sponsor assumes market risk under a defined benefit plan. In addition, the plan sponsor would often assume responsibility for converting accumulated assets into a stream of income for the plan participant—thus performing a function that is similar to an annuity in many ways. The number of defined benefit plans has decreased significantly over the past 20 years.
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News on a recent deferred income annuity product release from New York Life:
Sheryl Garrett is the founder of the Garrett Planning Network.
The Garrett Network consists of approximately 300 financial advisors who provide services on a fee-only basis and act as fiduciaries.
Read on to understand how and why the Garrett Network seeks to make objective, competent...
