Mention defined benefit plan to most employees and their reaction is, “Wouldn’t that be nice.” Defined benefit plans — where employers set aside money in a retirement plan that guarantees benefits after a certain number of years of service — have been in rapid decline for more than a decade.

Why? Ask employers: High cost, complex regulations and actuarial calculations, potential under-funding issues.

Pose the same question to a small business: “Totally out of the question” is the likely response. In actuality, a defined benefit plan may be one of the most accessible — and desirable — benefits for a … Read the rest