Multiemployer Review: Taking the Taft-Hartley defined contribution plan to the next level

Because of the global financial crisis of 2008 and the aging population of the membership, trustees have been exploring additional solutions to provide lifetime income to their members. This has created an increased focus on the defined contribution (DC) plan and the desire of both the trustees and participants to bring visibility to this benefit. This paper explains the merits of moving the DC plan from a balance forward, periodic-valued, trustee-directed plan to a daily-valued, self-directed plan that participants can view and monitor every day in order to make more informed decisions about their retirement.