Americans who believe they can still join a company or government agency that will provide them with a generous pension plan once they retire are in for a rude awakening, said MFS Investment Management Chairman Robert C. Pozen, who is also a member of President Bush’s Commission to Strengthen Social Security.

In fact, by 2030, Pozen said, Social Security and defined-benefit plans will generate only 24% of retirees’ income, with the rest coming from post-retirement jobs and defined contribution plans.

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