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Paths to Balancing Flexibility and Guaranteed Income for Retired Public Employees

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Most state and local public workers are members of defined benefit (DB) pension plans, but many also have access to defined contribution (DC) plans, similar to private sector 401(k) accounts. These defined contribution accounts can be components of hybrid retirement plans that provide workers both a defined benefit and a defined contribution plan; supplemental plans offered in addition to defined benefit pensions; or alternatives to traditional defined benefit plans for university employees and other public workers.