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About 40 years ago most of corporate America realized that they were incurring huge unfunded liabilities with their defined benefit retirement programs for their employees.

About 40 years ago most of corporate America realized that they were incurring huge unfunded liabilities with their defined benefit retirement programs for their employees. As a result, the standard retirement vehicle now is a defined benefit program using some variation of a 401(k) plan. Why do you think this change was made, who were prime beneficiaries and is there a downside to these plans?

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