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October 25, 2013 AT 6:13 PM
Edward DeMarco, acting director of the Federal Housing Finance Agency, said ending the defined benefit plans "eliminates risk to Fannie Mae and Freddie Mac and helps to conserve their assets on behalf of taxpayers, one of our main priorities as conservator." The plans had previously been closed to new entrants. Employees of both companies may choose a pension annuity, or roll over their benefits to other defined contribution plans such as a 401(k) or an individual retirement account.