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(upbeat music) - There is a perception out there that defined benefit plans are more costly than defined contribution plans, and in fact thats not true and in fact the reverse is true, I mean its much more costly to run a defined contribution plan than a defined benefit plan. So a defined contribution plan, the employer simply makes a payment into a plan and then its up to you to figure out how to invest it, and what you get in retirement is completely dependent on how you did on your investment returns. But defined benefit plan on the other hand is based off of formula so the employer and employee make a contribution into the plan, and then when you retire theres a formula that defines what your incomes gonna be, and its typically about two thirds of your working career income. The issue really is around risk transfer, and so then essentially if an employer is sponsoring a defined benefit plan they accept some of the risk of future underfunding. So by shifting from a defined ben