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More than a quarter of employers have frozen their largest pension plan during the previous two years, according to survey released Tuesday.
The survey of 162 employers conducted by the Employee Benefit Research Institute and Mercer Human Resource Consulting found that 27.7% of respondents either have closed off their largest defined benefit plan to new employees or have completely frozen the plan during the last two years.
According to the survey, pension phaseouts are likely to continue, with just over 16% of respondents expecting to freeze a plan within the next two years.