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Much attention has focused on the shift in the private sector from defined benefit to defined contribution plans, primarily 401(k)s. Often forgotten, however, is that, at any given moment in time, only about half of private sector workers are covered by any sort of employer-sponsored plan. This lack of coverage has two implications. First, a substantial proportion of households - roughly one-third - ends up with no pension coverage at all during their entire work-life and must rely exclusively on Social Security during retirement.
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