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Article: 401(K) PLANS TAKE THE LEAD BIG COMPANIES TURN AWAY FROM TRADITIONAL PENSION PLANS.(BUSINESS)
- Article from:
- The Wisconsin State Journal (Madison, WI)
- Article date:
- February 2, 2006
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Byline: ADAM GELLER AP business writer
NEW YORK -- The money in 401(k) plans administered by larger U.S. companies and similar plans now outstrips the total in traditional pension plans, researchers say, confirming a dramatic change that will force younger workers to plan more carefully for retirement.
The value of large 401(k)s and similar plans surpassed pension totals in 2002, but the shift is only now emerging in statistics culled from the reports companies file with the federal government. The new figures were generated by the Center for Retirement Research at Boston College.
The figures show that even as the value of all retirement plans ...