If you’re in the precarious position of determining where you want to make or continue your career, one of your primary considerations has to be what retirement offering the company has for its employees. Of the large U.S. companies only 17% still offer defined benefit plans to their employees. A Towers Watson study found that from 1998 to 2013, the number of Fortune 500 companies offering traditional defined benefit plans dropped 86 percent, from 251 to 34. As stated numerous times on this site most companies have transitioned to 401(k) or hybrid plans to defer the significant cost of defined benefit plans. Below is a non-comprehensive list of companies that still offer traditional pension plans:
- Exxon Mobil
- United Parcel Service (UPS)
- Johnson & Johnson
- 3M
- Bank of America
- Coca Cola
- Accenture
- Nestle
- Chesapeake Energy
- Devon Energy
- Genentech
- Aflac
- USAA
- Colgate-Palmolive
Of course many federal and state government agencies as well as municipalities still offer defined benefit pension plans however; there is major controversy in this space due to what is estimated to be over a $1 Trillion dollar state pension fund shortfall. Simply put it means that state employees promised retirement benefits could be left holding the bag. If you’re a state employee, once again, don’t wait, INVESTIGATE.
For more information on the transition of defined benefit plans to employee managed investments read this U.S. News and World Report article by Lou Carlozo.
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