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.
CUNA Chief Advocacy Officer Ryan Donovan says a banker's threat to sue reinforces the need for credit unions to have a strong united voice in support of a proposal by the National Credit Union Administration to modernize rules that control who can join which credit unions.