Fewer companies are offering a defined benefit pension plan to their workers, according to HEC’s 2008 Defined Benefit Pension Plans and Money Purchase/Profit Sharing/401(k)/403(b) Plans in Hawaii survey (available only to survey participants).

Of the 87 local companies participating in the survey, less than one-third (31 percent) reported offering a defined benefit pension plan in 2008 compared to over one-third (36.7 percent) offering the same in 2005. Over 93 percent of the companies reported offering defined contribution plans such as a 401(k), 403(b), Profit Sharing or Money Purchase plan. More than 70 percent have a 401(k) Savings Plan or Profit Sharing Plan with a 401(k) Savings Plan feature, according to the survey.