The number of Fortune 100 companies that don't offer defined benefit pensions to new employees increased in 2013, according to research by Towers Watson.
At the end of 1998, 90 Fortune 100 companies offered some sort of defined benefit, either a traditional or hybrid plan, like a cash balance plan, along with a defined contribution plan option. Today, only 30 companies on the list offer both DB plans and DC plans to new salaried hires, Towers Watson found.
Most companies, Fortune 100 companies included, have attempted to lower their retirement costs over the past decade. The most popular way has been to close pension plans to new hires and begin offering defined contribution plans instead.
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