Most private sector employees have access to defined contribution retirement plans only while some public sector employees have a choice between defined benefit (DB) and defined contribution (DC) plans. This research utilized a 2016 survey of university faculty to determine if the employee’s choice of plan, use of a financial planner, and financial knowledge influences the individual’s level of satisfaction and regret associated with the plan choice. Meeting with a financial planner was positively associated with overall satisfaction while financial knowledge did not have a significant impact on most aspects of satisfaction or regret associated with the retirement plan. However, those who chose a DB plan were more satisfied with their retirement plans than those who chose a DC plan.
