Their numbers have dwindled for years but fewer of the Fortune 500 moved out of defined benefit plans last year than at any time in the past decade, according to research from Towers Watson.
Only five of these large employers shifted out of their defined benefit program and into a defined contribution plan in 2013, leaving 118 still doing so. By comparison, 16 of the Fortune 500 dropped their DB plans between 2011-2012.
That said, the number of large employers offering defined benefit retirement plans to new hires has hit an all-time low of 34. In 1998, that number was 251.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
