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 NCUA’s final field-of-membership rule was published Wednesday, making it effective Feb. 6. The rule, finalized by the NCUA board in October, facilitates consumer access to credit unions and provides credit unions with more flexibility.