In this video, Shaun Humphries B. Admin, CFP reviews both Defined Benefit (DB) and Defined Contribution (DC) pension plans. How they work and the pros and cons of each type of plan.
More news on pensions below.
U.S. Bankruptcy Judge Steven Rhodes will issue a major ruling today on
Detroit's request to settle a troubled pension-related debt with two banks --
a key component of the city's plan to shed $9 billion in debt.
The city claims across-the-board cuts to the monthly pension checks for city
of Detroit general retirees could be smaller overall, if some money is
recouped from the annuity savings plan. Detroit's general city workers and
retirees who set aside money into a retirement savings plan connected to the
city now face some cuts to their savings, too, as well as their pension
checks, as part of the bankruptcy process.
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