The use of pension plans is declining. Many people are navigating what to do with their pension plans as they are frozen or terminated. In 2017, only 16% of the Fortune 500 companies offered a traditional pension plan to employees, compared to 59% in 1998. Among pharmaceutical companies the numbers are much better, with 50% of companies still offering pension plans.
The shift away from pension plans is obvious and ongoing. As more and more companies get rid of their pensions, it makes it easier for other companies to do the same. Companies used to offer a pension plan to employees to be competitive with other employers. This is no longer the case. (For more, see: How Do Pension Funds Work?)