So talk more about what does that mean in practice, and why is this becoming more important now?

Yeah, you're exactly right.

So defined benefit was a defined benefit when you get to retirement.

These were fixed, and they worked, for the most part, well in the United States over probably 50 years.

Because of a lot of pressure they put on the corporate balance sheets, we started moving away from those.

And when we moved away from those, you're exactly right, we just shifted the dollars from defined benefit into defined contribution.

Most Americans have access to a 401[k] plan or a 401[k]-type plan.

Is that the right way to think about it, the regulatory impact actually helping the end investor?