Popularity of 401(k) plans continues to grow — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Popularity of 401(k) plans continues to grow

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In the past two decades, 401(k) plans have become the dominant retirement plan offered by employers. In fact, 64 percent of plan sponsors responding to a recent Hewitt survey said a 401(k) accounts for their organization's primary retirement-savings program. That's up from about 35 percent just 10 years ago.

Just last month, Alcoa said it will eliminate its defined-benefit pension plan in favor of a 401(k). Still, 30 percent of eligible employees don't participate in their organization's 401(k) plan.

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