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Retiring a Defined Benefit Pension Plan

By Robert D. Webb

According to a 2005 report of the Pension Benefit Guaranty Corporation (PBGC, the agency that administers the federal insurance program for DB plans), more than 2700 DB plans ' nearly 10% of all PBGC-insured plans ' were frozen as of 2003, and more than 165,000 DB plans were terminated between 1975 and 2004.

This same period has seen a rise in popularity of defined contribution (DC) and other individual account plans (IAPs), such as 401(k) plans. This article explores the thinking that has led many employers to freeze and/or terminate their DB plans as a means of managing the risk/reward attributes of their tax-qualified deferred compensation programs, as well as some special considerations for law firm financial managers.

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