Majority of Fortune 100 Companies Offer Only Defined Contribution Plans to New Salaried Employees.

[billyoc]

Hybrid Pension (Cash Balance) Plans Become More Prevalent Than Traditional Pension Plans for the First Time

WASHINGTON, May 11 /PRNewswire-FirstCall/ -- For the first time, the majority of Fortune 100 companies now offer new salaried employees only a defined contribution (DC) plan, such as a 401(k), according to a new analysis by Watson Wyatt, a leading global consulting firm. In another first, more Fortune 100 companies offer hybrid pension plans, such as account-based cash balance plans, rather than traditional defined benefit (DB) plans.

Today, 55 companies in the Fortune 100 offer only DC plans to new hires, a jump from 46 at the end of 2007. The most recent number includes four companies that announced in 2009 they will switch from a DB to a DC-only plan.

*Numbers indicate plans offered to new salaried hires at the end of each year. The "2009" column includes changes made this year and announcements of future plan changes through May 8, 2009.

...

http://www.sunherald.com/prnewswire/story/1337541.html

[fasttense]

1. With 401s you have to pray you die before your savings run out. n/t