US: 401(k)s outmatch pension funds

The money in 401(k) plans administered by larger U.S. companies now outstrips the total in traditional pension plans, researchers say, confirming a dramatic change that will force younger workers to plan more carefully for retirement. The figures show that even as the value of all retirement plans fell sharply earlier this decade, the value of 401(k)s and similar plans stabilized at $1.60 trillion in 2002, slightly more than the $1.56 trillion total value then held in traditional pension plans. Both figures are for plans covering at least 100 people.
Daytona Beach News-Journal Online -- Business