54% of workers are satisfied with their current employer-sponsored retirement program, according to a new survey by Watson Wyatt Worldwide.
Also, 61% of the 2,200 full-time employees participating in the survey said their company’s retirement program was their primary retirement savings vehicle, and 29% would not save for their retirement without the company-sponsored plan.
Among workers enrolled in defined-benefit plans, 62% were satisfied with their plans, compared with 51%of those covered by defined-contribution plans.
Of respondents in defined-benefit plans, 61% under the age of 40 are concerned that their plan benefits will be reduced in the future, and 42 percent believe their future benefits will be eliminated as a result of the current financial crisis.
Half of defined-contribution plan participants said they prefer the freedom of investment decisions that the plans provide, despite the investment risks associated with higher returns, and 53% prefer the mobility a 401(k) plan offers when changing jobs.
The survey was conducted in February. A summary is available at www.watsonwyatt.com.