But ever since disgruntled IBM employees brought the issue to public attention, the movement by major corporations to convert traditional defined-benefit plans to so-called cash-balance pensionplans has been a lightning rod for workers'--and particularly baby boomers'--growing anxiety over their retirement incomes.
Like traditional pensionplans, and unlike 401(k) plans, cash-balance plans are wholly funded by employers and insured by the federal Pension Benefit Guarantee.