Inequalities in US – Family Wealth, defined benefit and defined contribution plans

How is family wealth in the form of employer-sponsored defined benefit (DB) and defined contribution (DC) plans distributed? How did the distribution of retirement assets change between 1989 and 2019, and how did it change for families with various socioeconomic characteristics? How did the phaseout of DB plans affect the concentration of family wealth? How sensitive are the estimates of wealth concentration to different inputs into the imputation of DB wealth?

Between 1989 and 2019, retirement wealth became less equally distributed among families with different levels of education or income. Still, in 2019 as in 1989, retirement wealth, particularly DB assets, remained more equally distributed than nonretirement wealth among those families. In both 2019 and 1989, DB assets offset some of the inequality in net worth among families with different levels of education or income. The shift in pension coverage from DB to DC plans might account for some of the increases in the Gini coefficient of augmented wealth and in the share of augmented wealth held by the families in the top 10 percent of the distribution. Retirement Wealth Among Education and Income Groups.

Chosen excerpts by Job Market Monitor. Read the whole story @ The Role of Defined Benefit and Defined Contribution Plans in the Distribution of Family Wealth | Congressional Budget Office


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