Los Angeles partner Fred Reish was quoted in the 90th anniversary issue of Workforce Management.
To celebrate its anniversary, the magazine is running a series of articles looking at important workforce-related issues with a then-and-now theme; this installment examines the history of employer-sponsored pension (defined benefit) plans with a focus on the turbulent 1930s.
The article discusses the trajectory of retirement plans, from New Deal policies and the Social Security Act, to the ubiquitous 401(k) plan.
On the subject of where retirement benefits are headed, Fred said that in the absence of defined benefit plans, for the foreseeable future, the emphasis will be on participant-directed, deferral-based defined contribution plans.
Click on the PDF link below to view the full chapter.