According to the survey, glidepaths have become an increasingly attractive strategy for a few reasons. Most plan sponsors (78 percent) view glidepaths as a sensible way to reduce risk as their plans' funded status improves, and 42 percent feel they are an appealing way to take the emotion out of de-risking decisions. Additionally, 33 percent say glidepaths offer the potential to reduce long-term plan costs.

"Most sponsors believe that their plans should take on less risk as they reach full-funded status," said Jacobs. "These sponsors find glidepaths compelling because they translate this view into investment policy. Additionally, we believe that this strategy is a smart way to harness market volatility for the benefit of the plan and the sponsor, because glidepaths can potentially reduce cost even as they reduce risk."

As more plan sponsors have turned to glidepaths to manage pension risk, fewer are making fundamental changes to their plan design. While a majority of plans (61 percent) are already closed to new entrants, many U.S. plan sponsors continue to accrue benefits for at least some portion of their workers. Just under a third (32 percent) of plan sponsors now report frozen plans, up slightly from 30 percent in 2009, and only 16 percent believe a freeze is likely in the future.

"As funding levels continue to creep up from the dangerously low levels we saw in 2008 and 2009, we see the attitudes of plan sponsors shifting," said Cecil Hemingway, global head of retirement at Aon Hewitt. "Confusion and anxiety have faded, and most sponsors are making substantial changes in the management of their retirement programs."

Other study findings include:

• One in five plan sponsors raised their global equity exposure in 2010, compared to just 13 percent that lowered this exposure. Roughly equal proportions expect to raise and lower this exposure in the next 12 months.
• Nearly 20 percent of plan sponsors raised exposure to alternative asset classes, while only 10 percent lowered exposure in 2010. Nearly one-in-five (19 percent) expect to raise exposures in this category in 2011, just 8 percent expect to lower exposure.
• Sixteen percent of plan sponsors are very likely to implement longevity-hedging strategies; 10 percent have already done so.
• Thirty-two percent of pension plan sponsors have already delegated the full responsibility for the implementation of their investment policy, or are very or somewhat likely to do so in the future.