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Mastering Money

Mastering Money is hosted by Certified Income Specialistâ„¢ Steve Jurich. Steve's comments have been seen on MarketWatch, CNBC.com, Bloomberg, and TheStreet.com. Steve is joined on most days by Money Radio favorite Sinclair Noe as well as experts and authors from the world of Wall Street and real estate. New episodes published every weekday at 9am PST. Listen every weekday to get a handle on emerging market trends, asset allocation strategies, social security, medicare, RMD planning, tax strategies, estate planning, annuities, life insurance and more!
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Nov 16, 2015

In the 20th Century, nearly 80% of full time employees with more than fifteen years on the job retired with a pension. Today, its closer to 20% and falling. The defined contribution 401k has taken over the defined benefit pension plan. Why? Its much cheaper for the company.

A survey released earlier this year by benefits consultant Aon Hewitt of nearly 250 employers representing 6 million employees found that, of the roughly three-quarters who still offer a defined benefit pension plan, a third were closing them and another third had frozen them.

Of the companies with plans that remained open, 14 percent of companies said they were "very likely" to close them this year, 9 percent said they were "very likely" to freeze them and 5 percent said there were very likely to terminate them. Companies terminating plans typically offer participant a lump sum payout to replace the monthly defined benefit income. Steve and Sinclair review a CNBC report. In the Q & A segment, CPA Nick Stefaniak joins the A Team to discuss year end tax planning and a special offer for Mastering Money listeners and clients of IQ Wealth.