Seven in 10 large U.S. companies now offer only 401(k) retirement plans, instead of defined benefit pension plans, to their new salaried employees, according to new Towers Watson analysis.
In its research, Towers Watson found that 70 of the Fortune 100 companies only offer a defined contribution plan to new hires, compared with 67 companies at the end of last year and 63 companies at the end of 2010.
Eleven companies have continued to offer their traditional DB plan, compared with 14 at the end of 2011, while 19 companies continue to offer a hybrid pension plan, such as a cash balance plan, the same number as at the end of 2011.
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