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Lloyd C. Blankfein Gary D. Cohn Reuters reports that Bill McDermott, the head of the defined contribution business at Goldman Sachs, has left the firm.
The next stop is the $3 trillion defined contribution business better known as 401 k)s.
Technological prowess, in particular, will be important in winning retail fund accounts — and crucial in the competition for the defined contribution pension fund business.
"I don't want to go down the road of the private sector and defined contributions.
The pension system is based on defined contributions.
"The paradigm shift from defined pensions to defined contributions happened for a reason and we're not going back," Inoue says.
Friedman says it's a world of free opportunity with defined contributions, but not defined benefits.
ING Groep said Friday that it has acquired CitiStreet, a retirement plan manager, for 578 million euros ($900 million) in cash, making the Dutch financial giant the third-largest player in the defined-contributions business.
We're a leader in the 401(k) defined-contribution business.
Instead, the trend is towards greater emphasis on privately funded pensions.Within the private pension business itself, another significant change has been taking place: a steady shift from "defined benefit" to "defined contribution" schemes.
Defined contribution Keogh plans allow the small business owner to contribute up to 20% (or as much as $45,000) of their self-employment income (also based on whichever of the two is the lesser amount), but also require the administrator or employer to file a tax return on an annual basis.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com