On December 4, 2014, the National Institute on Retirement Security (NIRS) issued updated research showing how defined benefit (DB) plans outperform defined contribution (DC) or 401(k)-type plans. “Still a Better Bang for the Buck: Update on the Economic Efficiencies of Pensions” updates research from a 2008 study that found the pooled professional investments, long-term time horizons, and lower fees of defined benefit plans outperform individually managed 401(k)-type plans. NIRS says DB plans provide the same amount of retirement income for about half the cost of an individual DC account.