Increasingly, employers who provide their employees with a retirement plan are relying on 401(k) and similar defined contribution
plans instead of defined benefit plans. As a result, participants are paying more of the cost of managing their pension plans,
which can take a substantial toll on their retirement savings.
The U.S. Department of Labor’s proposed overtime rule would affect a substantial portion of credit union employees, particularly at smaller credit unions and those in rural or underserved areas, CUNA told the department Tuesday.