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March 22, 2010 01:00 AM

EBRI chief has a growing affection for DC plans

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    David Toerge
    Changing: Dallas Salisbury's focus now frequently is on DC plans.

    Anyone who doubts how important defined contribution plans have become should read this quote from Dallas Salisbury, president and CEO of the Employee Benefit Research Institute:

    “DC has the promise of doing far more than the DB system I know and love,” Mr. Salisbury said during his keynote address that opened Pensions & Investments' 18th annual East Coast Defined Contribution Conference March 7-9 in Miami.

    EBRI's and Mr. Salisbury's connection to the defined benefit world dates to 1978, when the organization was launched and Mr. Salisbury's tenure there began. That was years before the creation of the 401(k) plan.

    Now, however, EBRI focuses just as easily on DC plans as DB plans, as Mr. Salisbury's keynote speech demonstrates. Among the points he made:

    • Employer matches go up with automatic enrollment;

    • Fewer than 5% of retirees had retirement income of more than $42,000 last year;

    • At age 65. a retiree needs $500,000 in the bank to cover retiree medical expenses that Medicare doesn't now cover; and

    • One-third of people entering retirement still owe money on their homes, in part because of home equity lines of credit. Historically, Mr. Salisbury said, that percentage has been lower. — Nancy Webman

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    • Topics
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      • Russia-Ukraine War
      • SECURE 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
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      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
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      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2023 Defined Contribution East
      • 2023 ESG Investing