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Converting Traditional Defined Benefit Plans to Hybrid Plans:
A Decade of Change

Robert L. Clark, Alan Glickstein and Tomeka Hill
The Journal of Retirement Fall 2013, 1 (2) 101-112; DOI: https://doi.org/10.3905/jor.2013.1.2.101
Robert L. Clark
is the Zelnak Professor of Economics at Poole College of Management, North Carolina State University in Raleigh, NC.
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  • For correspondence: robert_clark@ncsu.edu
Alan Glickstein
is a senior consulting actuary at Towers Watson in Dallas, TX.
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  • For correspondence: alan.glickstein@towerswatson.com
Tomeka Hill
is a senior economist at Towers Watson in Alexandria, VA.
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  • For correspondence: hilltomeka@yahoo.com
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Abstract

Over the past two and a half decades, a number of large employers have converted their traditional defined benefit plans to hybrid plans. Plan conversions are based on employer and employee preferences, and the desirability of hybrid plans depends on economic conditions, the regulatory environment, and legal uncertainty. The authors examine the factors that affected plan sponsors’ decisions to convert traditional DB plans to hybrid plans during years 2000–2009, a period characterized by adverse economic conditions, legal controversies, and regulatory change. They examine the pension choices of Fortune 1000 companies and estimate the likelihood of plan conversions as a function of the financial status of the plan sponsor, pension plan funding, and costs. The timing of plan conversions relative to major changes in federal regulations, specifically the passage of the Pension Protection Act of 2006 and the economic crisis, are explored. Finally, they examine whether the factors that prompted conversions in the early part of the decade were the same as those that prompted similar conversions later in the decade.

TOPICS: Pension funds, retirement, financial crises and financial market history

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The Journal of Retirement: 1 (2)
The Journal of Retirement
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Fall 2013
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Converting Traditional Defined Benefit Plans to Hybrid Plans:
A Decade of Change
Robert L. Clark, Alan Glickstein, Tomeka Hill
The Journal of Retirement Oct 2013, 1 (2) 101-112; DOI: 10.3905/jor.2013.1.2.101

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Converting Traditional Defined Benefit Plans to Hybrid Plans:
A Decade of Change
Robert L. Clark, Alan Glickstein, Tomeka Hill
The Journal of Retirement Oct 2013, 1 (2) 101-112; DOI: 10.3905/jor.2013.1.2.101
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  • Article
    • Abstract
    • LEGAL STATUS OF HYBRID PLANS AND PPA3
    • DID THE ECONOMIC CRISIS CHANGE THE OPTIMAL DESIGN OF RETIREMENT PLANS?
    • TRENDS IN PLAN CONVERSIONS: 2000 TO 2009
    • Pension Data at Firm and Plan Level
    • Trends in Conversion to Hybrid Plans
    • CONVERTING TO A CASH BALANCE PLAN: ROLE OF COMPANY AND PLAN FACTORS
    • CONCLUSIONS
    • ENDNOTES
    • REFERENCES
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