News release: “The retirement plan landscape is stabilizing as fewer U.S. companies last year moved from defined benefit (DB) plans to offering only a defined contribution (DC) plan to new salaried employees than in any other year over the past decade, according to a new analysis by global professional services company Towers Watson (NYSE, NASDAQ: TW). The analysis also found that a few industry sectors — insurance and utilities — are bucking the trend from DB to DC plans. More than half the companies in these sectors still offer DB and DC retirement plans to new salaried employees. The Towers Watson analysis found that only 118 Fortune 500 companies (24%) offered any type of DB plan to new hires at the end of 2013, down from 299 companies (60%) 15 years ago. Among these companies, 84 offered a hybrid plan, and 34 offered a traditional plan. While the number of Fortune 500 companies with open DB plans reached a record low in 2013, the number of companies (five) that moved away from DB plans last year is the lowest number that shifted to DC plans in more than 10 years. Moreover, nearly half of Fortune 500 companies that no longer provide DB benefits to new hires still have active employees who are accruing benefits.”