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The time has come for employers to make mandatory contributions to defined-contribution plans. Please do not shoot the messenger: We need to address this reality in order to achieve the retirement outcomes needed for Americans.

As a country, we have effectively eliminated defined-benefit pension plans. According to CNN Money, the percentage of workers in the private sector whose only retirement account is a defined-benefit pension plan is now 4 percent, down from 60 percent in the early 1980s. About 14 percent of companies offer a combination of both defined-benefit pension plans and defined-contribution retirement plans.

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