Jurisdiction has converted to defined contribution plan
Full Question Text
Which of the following actions, if any, has your jurisdiction taken so far regarding its defined benefit and/or hybrid pension plans for any of its employees, elected officials, or retirees? (check all that apply) (Among those who reported taking some action on their defined benefit or hybrid retirement income benefit plans)
h. Converted to a defined contribution (IRA, 401a, 457b, or 401k-type) plan
| % within Jurisdiction Type | |||||
| Jurisdiction Type | Total | ||||
|---|---|---|---|---|---|
| County | Township | City | Village | ||
| Percentage of jurisdictions which have converted to a defined contribution (IRA, 401a, 457b, or 401k-type) plan: (Among those who reported taking some action on their defined benefit or hybrid retirement income benefit plans) | 30% | 10% | 25% | 9% | 19% |
| % within Population Size | ||||||
| Population Size | Total | |||||
|---|---|---|---|---|---|---|
| <1500 | 1500-5000 | 5001-10000 | 10001-30000 | >30000 | ||
| Percentage of jurisdictions which have converted to a defined contribution (IRA, 401a, 457b, or 401k-type) plan: (Among those who reported taking some action on their defined benefit or hybrid retirement income benefit plans) | 11% | 10% | 18% | 26% | 35% | 19% |
| % within Region of Michigan | |||||||
| Region of Michigan | Total | ||||||
|---|---|---|---|---|---|---|---|
| Upper Peninsula | Northern Lower Peninsula | West Central Lower Peninsula | East Central Lower Peninsula | Southwest Lower Peninsula | Southeast Lower Peninsula | ||
| Percentage of jurisdictions which have converted to a defined contribution (IRA, 401a, 457b, or 401k-type) plan: (Among those who reported taking some action on their defined benefit or hybrid retirement income benefit plans) | 13% | 15% | 17% | 16% | 5% | 30% | 19% |