1. Which of the following is true of retirement saving in the United States?
   1. Private employer pensions have shifted from defined contribution plans to defined benefit plans over the past 70 years.
   2. The Pension Benefit Guaranty Corporation guarantees a minimum level of investment earnings in defined contribution plan accounts.
   3. ERISA sets minimum standards for vesting for both defined contribution and defined benefit plans.
   4. Employers with defined benefit plans are not required to pre-fund their obligations under ERISA