Workers who participate in defined benefit pension plans are more concerned about their retirement than those who are in defined contribution plans, according to research by Towers Watson.
Cutbacks to existing plans increase workers' concerns about retirement security. According to the 2013/2014 Global Benefit Attitudes Survey, 75 percent of DB plan participants whose plans have been frozen are concerned about achieving a financially secure retirement.
Most defined contribution plan participants expect these plans to be their primary source of retirement income. The only group that bucks that trend is older participants who only have a defined contribution dplan. They expect to rely more on Social Security when they retire.
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